MIFCO to lend 10-ton ice on credit to encourage fishing

The Maldives Industries Fisheries Company (MIFCO) has decided to lend 10-ton of ice on credit to fishing vessels that sell fish to the company in a bid to encourage increased fisheries activity.

This new service from MIFCO will commence effectively on next Saturday, MIFCO said in a message shared with local media.

Up to 10 tons of ice will be provided to the vessels, in multiple rounds, that sell fish to MIFCO. The price of the credited ice will be deducted from the vessel’s invoice for sold fish.

Earlier on August 21^st, MIFCO provided three tons of ice for free to each of the vessels that sold fish to them.

MIFCO faced setbacks earlier owing to significant delays in paying to fishers, but the corporation has since cleared its payment backlog.

The company aims to pay fishers within one-week from the date of the sale before 2024 ends.