206 projects signing: No funding issues, to begin in 21 days

President Dr. Mohamed Muizzu has said that a record 206 development projects have been signed today between the government and private Maldivian companies. He also said that there will be no issues in compensating the companies for their efforts and that practical work is to begin 21 days from today.

206 projects have been awarded today to Maldivian companies under Contractor Financing at Barceló Nasandhura.

During the ceremony, President Muizzu said that while 53 companies have been awarded the 206 projects, the result of this will be the expansion and revival of the Maldivian economy, especially the advancement of the construction industry.

"The agreements we have signed are ones where there will be no issues with payments. There will be no such delays from the government regarding payment difficulties. The companies will diligently do their work on time, as is required by the agreement," said the President.

President Muizzu repeatedly stated that once the companies have finished their work, the government will release the payments once the companies submit their invoices. He also said that the projects will be finished in a "quick" and "efficient" manner.

As per the President, the relevant government agencies will offer their full cooperation in the progression of the projects.

President Muizzu stated that the companies that were awarded the 206 projects had submitted a three-year "Audit Financial Statement".

While emphasizing the statements, he said that a company that had not submitted the audit report would not be able to sit at the table where the agreements were signed.

"Along with that, a company that has not abided by the bank's procedures would not have been able to come to this venue to sign the agreement. We have awarded companies who have had a good track record in their professional work," said President Muizzu.

President Muizzu stated that agreements were signed today to construct 825 housing units in 13 islands, and practical work on housing projects in the Male' region will begin very soon.

President Muizzu went on to say that the "Cool School Project" (putting air conditioning units in all Maldivian schools) he had announced has been handed over to a company. The project includes acquiring the equipment for the project and the changes needed to affix the air conditioning units in the schools.

"The many projects that will begin will be arranged in such a way that people will know in a clear and professional manner as to what will happen. The projects will follow the law and regulations, with pledges being fulfilled in a transparent, responsible and trustworthy manner, with the entire government determined in working together to move these projects forward," said the President.