Government and IsDB to Jointly Fund Fisheries Sector Development
Photo credit: MV+
The Maldives Industrial Fisheries Company Limited (MIFCO) has applied for USD 64.65 million in financing from the Islamic Development Bank (IsDB) to support the Maldives Fish Sector Capacity Strengthening Project, with additional funding from the Government of Maldives.
The project comprises seven key components aimed at enhancing cold storage and fish processing capacity, developing human resources, and improving operational efficiency. Plans include constructing a 1,000 MT cold storage with 50 MT brine freezing at Ihavandhoo and a 500 MT cold storage with 50 MT brine freezing at Addu Fisheries Complex to reduce spoilage and maintain fish quality. Additionally, the Kandu-Oiy-Giri cannery facility will be expanded with a 35 MT fish processing unit and power generation upgrade. In contrast, staff accommodation units will be constructed at Felivaru (250 units) and Kooddoo (100 units) to ensure better living conditions.
advertisement
advertisement
advertisement
Capacity development initiatives under the project include training programmes for MIFCO staff and stakeholders, awareness programmes for fishermen, formulation of a 10-year business plan, implementation of an Enterprise Resource Planning (ERP) system, and collaboration with Indonesia through Reverse Linkage to strengthen the fish value chain. A project management specialist will also be recruited to oversee implementation, while the Auditor General’s Office of Maldives will conduct a financial audit of the project.
MIFCO has applied for US$ 64.65 million in financing from the Islamic Development Bank, with support from the Government of Maldives, to strengthen fisheries infrastructure and sustainability. This funding will enhance facilities, equipment, and expertise—driving industry growth! pic.twitter.com/wyXO9kM9Y1— MIFCO (@mifcomv) March 16, 2025
The project also includes a Contingency Emergency Response Component (CERC) to ensure financial flexibility for disaster-related activities, along with provisions for price escalation and unforeseen costs.
Procurement under the project covers goods, works, and consultancy services. Goods to be procured include the design, supply, and installation of an ERP system for MIFCO to streamline procurement, inventory, and financial management processes. Infrastructure works will involve constructing cold storage and fish processing facilities, as well as staff accommodation buildings, through international competitive bidding (ICB) and ICB procedures for member countries.
Consultancy services will be acquired for project supervision, business strategy development, and capacity building. These include consulting services for the design and monitoring of storage and processing facilities, the development of a 10-year business plan, and training for fishermen on preservation techniques. Specialists will also be hired for ERP implementation, financial management, and procurement.
All contracts financed by the IsDB will follow the bank’s procurement guidelines. Specific procurement notices for bidding will be published on the IsDB website, UNDB Online, DgMarket, the Maldives Government Gazette, the MIFCO website, and its official social media platforms.
Interested firms and individuals seeking further information or wishing to participate in the project can contact Aishath Sharfa, Senior Officer at MIFCO, via telephone at +960 332 3932, fax at +960 332 3933, or email at bid@mifco.mv. Correspondence can also be directed to MIFCO’s office at Block No: 389, Hilaalee Road, Male’ City, Republic of Maldives, Postal Code: 20389. Additional details are available on the company’s website at www.mifco.mv.
