India extends Line of Credit worth 18 million dollars to Maldives for Fisheries Development

India extends Line of Credit worth 18 million dollars to Maldives for Fisheries Development

• The Government of India has extended Line of Credit (LoC) of USD 18 million to the Government of Maldives for the expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO).
• The fund will be used for development of fish collection and storage facilities and setting up of a tuna cooked plant and fishmeal plant.
• This grant is part of the 800 million US dollars line of credit offered by India with repayment tenor of 20 years and a 5-year moratorium.