Malé, August 25: Indian High Commissioner to the Maldives G. Balasubramanian and Minister of Fisheries and Ocean Resources Ahmed Shiyam on Monday jointly reviewed the progress of the major fisheries development project underway at Lh. Felivaru under an Indian Line of Credit.
During the visit, discussions were held with officials from the Ministry of Fisheries and Ocean Resources, Indian contractor RINAC, the project management consultant and Maldives Industrial Fisheries Company (MIFCO), with particular focus on ensuring the timely completion of the project.
The Felivaru development is among the major investments supported by India aimed at strengthening the Maldives' fisheries infrastructure and expanding the country's capacity to purchase, freeze, store and process fish.
The Indian High Commission currently lists the MIFCO expansion works at Felivaru as a USD 21.9 million project financed under an Indian Line of Credit, noting that the development is progressing towards completion. (HCIMale)
Major expansion of fisheries capacity
The project includes the development of a 4,000-metric-tonne cold storage facility at Felivaru, which will significantly expand MIFCO's ability to store fish during periods of high catch.
The development also includes brine-freezing facilities capable of handling around 200 tonnes of fish per day and an 80-tonne refrigerated seawater, or RSW, system. In addition, a 50-tonne-per-day block ice plant and a 100-tonne ice storage facility form part of the wider project in GA. Gemanafushi. (Rinac)
The contract was awarded to Indian company RINAC India Limited, with the agreement signed in January 2023 during a visit to the Maldives by Indian External Affairs Minister Dr S. Jaishankar. The project is financed through the concessional Line of Credit extended by India through the Export-Import Bank of India. (Ministry of External Affairs)
The Indian government's development Lines of Credit are routed through EXIM Bank under its development assistance framework and are used to finance large-scale infrastructure and development projects in partner countries. India has extended around USD 1.43 billion in Lines of Credit to the Maldives, according to India's Ministry of External Affairs. (Ministry of External Affairs)
A project aimed directly at challenges facing fishermen
The Felivaru expansion is considered particularly important for fishermen operating in the northern and central regions of the country.
According to project documents, increasing cold-storage and freezing capacity is intended to allow MIFCO to purchase significantly larger quantities of fish during peak fishing periods, rather than being constrained by available storage and processing capacity.
India's Ministry of External Affairs has previously noted that MIFCO collects a substantial share of the country's skipjack tuna catch but has historically lacked sufficient capacity to add value to all the fish it purchases. The limitation has resulted in a portion of the catch having to be exported as lower-value frozen tuna, affecting the commercial sustainability of the operation. (Ministry of External Affairs)
The new Felivaru facilities are therefore expected to strengthen fish purchasing capacity, reduce pressure on fishermen during high-catch periods and create greater opportunities for processing and value-added exports.
MIFCO had reported in December 2025 that about 69 percent of the project had been completed, with machinery installation underway at the time. The company had targeted June 2026 for bringing the facility into operation. (PSMnews.mv)
The latest high-level review underscores efforts by both governments and project stakeholders to push the remaining work towards completion.
India support extends beyond major EXIM-funded projects
India's involvement in the Maldivian fisheries sector extends beyond the Felivaru project.
While the Felivaru expansion is financed through an EXIM Bank Line of Credit, India has separately supported smaller fisheries-related projects through its High Impact Community Development Project (HICDP) grant programme.
Under the HICDP framework, India has provided grant assistance for neighbourhood fish-processing plants and other facilities intended to create economic opportunities at island and community level.
Earlier projects included neighbourhood fish-processing facilities in Hithadhoo, Maradhoo and Hulhudhoo-Meedhoo in Addu City, as well as N. Kendhikulhudhoo, while an ice plant in L. Maabaidhoo was also included among Indian grant-assisted community projects. (Foreign Ministry of Maldives)
In July 2025, President Dr Mohamed Muizzu and Indian Prime Minister Narendra Modi also jointly inaugurated six completed HICDP projects, including a small-scale fish processing plant in S. Hithadhoo. (Foreign Ministry of Maldives)
The two countries have also moved to deepen institutional cooperation in the sector. During Prime Minister Modi's visit to the Maldives in July 2025, the Maldives and India signed an MoU on cooperation in fisheries and aquaculture. Their broader bilateral development framework also identifies fisheries, oceanography and the blue economy as areas for expanded cooperation. (HCIMale)
The combination of large infrastructure investments through concessional credit and smaller grant-funded community projects has made fisheries one of the areas directly covered by India's wider development partnership with the Maldives.
Once completed, the Felivaru expansion is expected to substantially strengthen MIFCO's storage and freezing capacity and provide greater flexibility in purchasing catches from fishermen, particularly during peak fishing seasons, while supporting the Maldives' broader push towards higher-value fish exports.
