MIFCO and FSM Sign Agreement to Introduce Fuel Credit Facility for Fishing Vessels

The Maldives Industrial Fisheries Company Limited (MIFCO) and Fuel Supplies Maldives (FSM) have signed an agreement to introduce a fuel credit facility for fishing vessels that sell their catch to MIFCO.

Under the agreement, fishermen will be able to obtain fuel on credit through MIFCO fisheries centres where FSM fuel facilities are available, without making upfront payments.

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The agreement was signed at MIFCO’s head office by MIFCO Chief Executive Officer and Managing Director Mohamed Anas and FSM Managing Director Fathimath Aashaan. Members of MIFCO’s Board of Directors also attended the ceremony.

The facility will be available to fishing vessels selling their catch to MIFCO at the Felivaru Fisheries Complex, Kooddoo Fisheries Complex and Addu Fisheries Complex, effective today.

MIFCO Introduces Credit Fuel Facility for Fishermenhttps://t.co/VocJiLTFj3— MIFCO (@mifcomv) August 12, 2026

The cost of fuel obtained under the facility will be deducted from payments due to fishermen for their catch. MIFCO settles payments for fish landed at its facilities within 48 hours.

MIFCO said the facility was introduced in response to concerns raised by fishermen during engagements with the company’s management. Fishermen identified access to fuel on credit as one of the key areas where additional support was needed during visits to MIFCO’s fisheries centres.

The initiative was established following special guidance from President Dr Mohamed Muizzu as part of efforts to address challenges faced by fishermen and strengthen support for the fisheries sector.

MIFCO said the facility is expected to ease the immediate financial burden of purchasing fuel and provide greater financial flexibility for fishermen by allowing them to access essential fuel supplies without upfront payment.