MALE, MALDIVES — In a game-changing move for the Maldivian fishing industry, the Maldives Industrial Fisheries Company (MIFCO) has partnered with Fuel Supply Maldives (FSM) to introduce an instant fuel-on-credit system for local fishing vessels.
The landmark agreement, signed today at the MIFCO Head Office, allows fishermen to easily refuel their boats without upfront payments by linking fuel costs directly to their catch. The agreement was signed by MIFCO’s CEO and Managing Director, Mohamed Anas, and FSM’s Managing Director, Fathimath Ashan, in the presence of MIFCO board members.
How the New Scheme Works
The highly anticipated credit facility eliminates the immediate financial burden of purchasing fuel before heading out to sea. Under the new arrangement:
Immediate Access: Vessels can present their MIFCO catch receipt at FSM fuel sheds located within MIFCO centers to instantly receive fuel.
Seamless Deduction: The cost of the fuel is automatically deducted from the payment owed to the vessel for their weighed catch.
Fast Processing: The remaining balance for the catch is processed and paid to the fishermen within an expedited 48-hour window.
Effective immediately, this service is available at the Felivaru Fisheries Complex, Kooddoo Fisheries Complex, and Addu Fisheries Complex.
Fulfilling a Long-Awaited Promise
A credit-based fuel system has been one of the most pressing demands from local fishermen. During his recent tours of regional fisheries centers, MIFCO CEO Mohamed Anas heard these concerns firsthand and promised a swift resolution.
Initiated under the special guidance of President Dr. Mohamed Muizzu, this collaborative effort between MIFCO and FSM marks a significant step by the government to resolve operational bottlenecks in the fishing sector. By easing the financial strain of fuel purchases, authorities hope the initiative will encourage more fishermen to take to the seas and boost the nation's overall catch.
