The Maldives Industrial Fisheries Company Limited (MIFCO) has introduced a credit facility enabling fishermen to purchase fuel for fishing vessels that sell their catch to MIFCO.

The initiative follows an agreement signed between MIFCO and Fuel Supplies Maldives (FSM) to facilitate the provision of fuel on credit through MIFCO centres where FSM fuel facilities are available.

The agreement was signed at a ceremony held at MIFCO’s Head Office by MIFCO’s Chief Executive Officer and Managing Director, Mohamed Anas, and FSM’s Managing Director, Fathimath Aashaan. Members of MIFCO’s Board of Directors also attended the ceremony.

Under the new arrangement, fishing vessels that sell their catch to MIFCO will be able to obtain fuel on credit from the Felivaru Fisheries Complex, Kooddoo Fisheries Complex, and Addu Fisheries Complex, effective today.

Fuel costs will be deducted from the payment due to fishermen for their catch, which MIFCO settles within 48 hours of landing.

The introduction of the credit fuel facility addresses a key concern raised by fishermen during engagements with MIFCO management. During visits to MIFCO’s fisheries centres, fishermen identified access to fuel on credit as one of the key areas where additional support was needed.

The initiative was established following special guidance from President Dr. Mohamed Muizzu, as part of ongoing efforts to address challenges faced by fishermen and strengthen support for the fisheries sector.

The new facility is expected to ease the immediate financial burden associated with purchasing fuel and provide greater financial flexibility for fishermen, allowing them to access essential fuel supplies without the need for upfront payment.

The initiative reflects MIFCO’s continued commitment to supporting fishermen and strengthening services across its fisheries centres.