MIFCO has been handed over Th. Funaddoo to bring the island back into operation.
Funaddoo was an island leased to former Home Minister Ahmed Thasmeen Ali in 2004 to buy and export fish. However, after mortgaging the island, the Bank of Maldives announced the sale of the island after the loan was not paid. It was bought by the government and transferred to MIFCO in March this year.
While the agreement has been signed today, MIFCO Managing Director Ismail Fauzee said the work would start as soon as the finance is received. The MD said the port of Funaddoo is in ruins, and other changes need to be made to the facilities in the island.
Last year, the Fisheries Minister Dr. Hussain Rasheed Hassan said in the Parliament that bringing Funaddoo back into operation would cost USD 10.2 million or MVR 157.3 million. The Minister had said that the funds required for this would be received and operation would start by May this year.
Fish purchasing operations in Funaddoo ceased in 2008.
Funaddoo was an island leased to former Home Minister Ahmed Thasmeen Ali in 2004 to buy and export fish. However, after mortgaging the island, the Bank of Maldives announced the sale of the island after the loan was not paid. It was bought by the government and transferred to MIFCO in March this year.
While the agreement has been signed today, MIFCO Managing Director Ismail Fauzee said the work would start as soon as the finance is received. The MD said the port of Funaddoo is in ruins, and other changes need to be made to the facilities in the island.
Last year, the Fisheries Minister Dr. Hussain Rasheed Hassan said in the Parliament that bringing Funaddoo back into operation would cost USD 10.2 million or MVR 157.3 million. The Minister had said that the funds required for this would be received and operation would start by May this year.
Fish purchasing operations in Funaddoo ceased in 2008.
