New 4,000-Ton Cold Storage Facility to Be Developed in Kooddoo
The Ministry of Fisheries and Ocean Resources has contracted an Indian company to develop an additional 4,000-ton cold storage facility in GA. Kooddoo, as part of a project supported by Saudi Arabian government assistance.
At a ceremony held on Thursday at the President’s Office, the Ministry of Fisheries announced that the Maldives currently has an 8,500-ton cold storage capacity. However, the government aims to expand this significantly, with plans to triple the capacity to 25,000 tons.
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President Dr @MMuizzu attends the ceremony to present award letters to beneficiaries of the RSW financing facility and to oversee the signing of the GA. Kooddoo Cold Storage Expansion Project. The introduction of the RSW system will greatly reduce ice-buying travel costs for… pic.twitter.com/vrIhO0BdLp— The President's Office (@presidencymv) November 7, 2024
As part of this initiative, the Fisheries Ministry signed an agreement with India’s Lucky Global Projects Private Limited to construct the additional 4,000-ton facility in Kooddoo. The agreement was formalised by Fisheries Minister Ahmed Shiyam and the company’s Managing Director, Aashish Oberai.
The project, valued at USD 6.65 million, is funded through grant assistance from the Saudi Development Fund (SDF) and is scheduled for completion within a year.
During the ceremony, the government also presented award letters to individuals receiving funding under an Islamic Development Bank (IsDB) financing facility to install Refrigerated Sea Water (RSW) systems on fishing vessels.
President Dr. Mohamed Muizzu distributed the award letters to recipients of the facility. Under this scheme, 35 percent of the items purchased will be funded by the government. The facility offers unsecured loans ranging from MVR 1 million to MVR 2 million for the purchase of RSW systems, generators, and solar panels. These loans come with a six-month grace period and a 10-year repayment term.
The Ministry of Fisheries opened applications for the facility on 21 September, receiving 31 applications. Currently, 21 applications are still under processing, with 12 recipients receiving their award letters on Thursday. Additionally, a project was launched to establish fuel storage facilities across all atolls of the Maldives.
In his address, Fisheries Minister Shiyam stated that the administration is committed to resolving the challenges faced by the fisheries industry within the first three years of its term.
