MIFCO vessel wighs fish: The state fisheries company is seeking a USD 64.65 million loan from Islamic Development Bank (IDB). (Photo/MIFCO)
State fisheries company, Maldives Industrial Fisheries Company (MIFCO), on Sunday, states they have applied for a USD 64.65 million loan from Islamic Development Bank (IDB), with support from the government.
According to MIFCO, the loan is being sought to strengthen fisheries infrastructure and sustainability. As such, MIFCO said the funding will enhance facilities, equipment, and expertise—driving industry growth.
There are seven components under the project:
According to MIFCO, the procurement of contracts financed by IDB will be conducted through competitive bidding.
The state fisheries company is seeking a huge loan after it was recently revealed that 96 percent of the loans and grant assistance projected to be received in the state budget for this year has not been received.
Ruling PNC’s Central Hithadhoo MP Ahmed Azan, who previously sat in the Parliament’s Public Accounts Committee, said the government received MVR 300,000 in loans as of February 27th, although MVR 664 million was projected.
Maldives’ alarming financial state has prompted two of the biggest international credit ranking agencies to downgrade its ranking.