The Maldives Fund Management Corporation (MFMC) on Thursday, contracted China’s National Electrical Engineering to develop southernmost Addu City’s Hankede under an integrated tourism concept.
The integrated tourism project is funded through a USD 145 million (MVR 2.2 billion) loan issued by the Chinese government.
Speaking at the signing ceremony, MFMC’s Managing Director Hassan Manik estimated the project would conclude within two years.
The administration earlier announced the development of a 1,000-villa integrated resort in Addu City Hankede, to be developed under multiple design concepts.
With the Hankede integrated project, the government aims to develop a total of 6,000 beds in the region.
Previous efforts of tourism development included a 100-200 bed city hotel project, contracted in 2005 to Thundoo Private Limited from Fuvahmulah City. The project was to be completed within 18 months but was at a halt for the next 13 years, resulting in a contract termination.