Government lends US$3m to debt-ridden fisheries company
The loan is intended to “compensate the challenges faced by fishermen of the skipjack tuna industry and pave the way for modern development of the fisheries industry of the Maldives.”
04 Nov 2017, 9:00 AM
The finance ministry has loaned MVR46.3 million (US$3 million) to the State Trading Organisation to prop up its subsidiary fisheries company.
The debt-ridden Maldives Industrial Fisheries Company was incorporated under the umbrella of the STO group, the largest state-owned enterprise and the country’s primary wholesaler, in October last year.
According to the finance ministry, the loan is intended to “compensate the challenges faced by fishermen of the skipjack tuna industry and pave the way for modern development of the fisheries industry of the Maldives.”
The funds will be used to purchase equipment and repair infrastructure to boost the volume of fish purchases from local vessels, the ministry said in a statement. The loan agreement was signed Thursday by Finance Minister Ahmed Munawar and STO Managing Director Ahmed Shaheer.
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