Minister of Finance Ibrahim Ameer, on Tuesday, revealed that USD 200 million (MVR 3.8 billion) from the credit line extended to Maldives by the Indian government would be utilized to fund road and harbour development in the islands of Addu Atoll.
The Export-Import Bank of India extended a Line of Credit (LOC) worth USD 800 million to Maldives. The government has already outlined the projects which the LOC will fund.
Speaking at a news briefing held after the conclusion of the Maldives Partnership Forum 2019, the finance minister declared that high-quality road construction would be included in the plans to develop Addu as an urban centre.
While India has provided aid worth USD 200 million for projects in Addu, the government previously stated that USD 414 million would be spent on development initiatives in Maldives’ second most populated city.
In addition to road construction, projects planned for Addu include the reclamation of 25 hectares of land for tourism purposes, construction of additional housing units, expansion of Hithadhoo Regional Port as well as land reclamation for commercial and industrial zones.
Furthermore, a fish processing factory, a drug rehabilitation centre, a youth centre and an Islamic centre will be constructed on the island of Hithadhoo.
The administration has also planned to establish a convention centre, nature park, climate research facility and government office buildings in Gan.
According to Minister Ameer, several projects at the Maldives Partnership Forum, including initiatives related to water and sewerage systems, and road development, is in the process of being contracted to third parties through a bidding process.