India has extended Line of Credit worth 18 million US dollars to the Government of Maldives for the expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO).
The project envisages investment in fish collection and storage facilities and the setting up of a tuna cooked plant and fishmeal plant. It is part of the 800 million US dollars line of credit offered by India with repayment tenor of 20 years and a 5-year moratorium.
Indian High Commission in Male said fishing is deeply connected to the Maldivian way of life and is a key driver of the economy through exports. It said India recognizes that the Maldives is globally known for its pole-and-line artisanal fishing that is sustainable and responsible. This project will benefit the Maldives in accessing new markets, increasing fish collection and storage capacity, along with creating greater value addition and additional sources of income. The high commission said they are confident that this project would reinforce India’s time-honoured bonds of partnership with the Maldives.
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