The Maldives Industrial Fisheries Company (MIFCO) has announced plans to develop a fish cannery in Hulhumalé, backed by a USD 65 million loan from the Islamic Development Bank (IsDB).
The decision to relocate the cannery from its originally proposed site in Kandu’oiy Giri Fish Village followed a cabinet directive, leading to the allocation of a land parcel in Hulhumalé by the Housing Development Corporation (HDC).
With funding secured, MIFCO is now focused on completing administrative procedures before construction begins. The facility is expected to process up to 35 tonnes of fish per day, significantly enhancing the company’s processing capacity and efficiency.
Once operational, the Hulhumalé fish cannery is expected to play a key role in strengthening the fisheries sector, ensuring greater economic sustainability for the industry and providing expanded processing opportunities for local fishermen.
The relocation of the cannery aligns with broader government initiatives to reorganize state-owned industrial and defense infrastructure. Kandu’oiy Giri, previously designated for MIFCO’s operations, was reassigned to the Maldives National Defence Force (MNDF) in August 2024.
The establishment of the Hulhumalé fish cannery marks a significant step in modernizing the fisheries industry, reinforcing MIFCO’s commitment to optimizing production and enhancing the value chain within the sector.
