India's Export Import Bank (EXIM Bank) is seeking an Indian company to develop Lh. Felivaru.
The Felivaru Fisheries Complex upgrading project in Lh. Felivaru is funded by a USD 800 million credit line facility extended to the Maldives by India. The Economic Ministry said a 4000-tonne cold storage and a factory that can process and can 100-tonnes of fish per day will be established under the project. The project also includes the establishment of a brine freezing facility, refrigerated sea water facility, fish meal plant and the establishment of a 50 metric tonne ice plant in Gemanafushi.
The Economic Ministry said one of the biggest challenge faced by the fishing industry is that the value of fish exports fall as a result of fish products being frozen. Therefore, it is important to increase export of processed fish in order to increase the revenue generated though fish trade. The expansion project will increase MIFCO's fish processing capacity by two-fold, the ministry said.
The ministry also stressed the importance of facilitating easy fish weighing, especially during the peak season. One of the best ways to facilitate eases is through increasing storage capacity for frozen fish, and the establishment of a 4000-tonne cold storage and freezing facilities will resolve the issues currently faced, the ministry further said.
MIFCO's Managing Director in an earlier interview given to AVAS said the development of Felivaru and Kooddoo is jointly financed by the Saudi Fund for Development, and the Indian EXIM Bank. The value of the project is USD 17.5 million. Part of Felivaru lagoon will be reclaimed, and cold storage facilities and other facilities will be constructed on the reclaimed land. Maldives Transport and Contracting Company (MTCC) has been tasked with the dredging and reclamation component of the project.
