The Addu City Council has announced that it is seeking loan facilities from the SME Development Finance Corporation (SDFC) to fund tourism development on the allocated properties in the Maldives' southernmost city.
The council issued more than 90 plots between 2,400 and 10,000 square feet from Addu City for the development of several tourism zones. The plots were issued for the development of guesthouses and other tourism properties.
Council member Shinaz Ibrahim said that the authority met with all the lessees of the tourism development initiative. He said that many of these ventures lacked funds to develop guesthouse properties.
"The work to seek financing for the initiative through SDFC has significantly progressed. We are waiting to hear from them after reviewing the terms," Shinaz added.
The plot sizes issued by the council suggest that the authority was aiming to develop large tourist properties.
The tourism zones in Addu City include Maamen Beach Tourism Zone in Hithadhoo, Keyvah Beach in Hulhudhoo, Maafishi Tourism Zone, Koagannu Beach Mulimathi Tourism Zone, and Savaa Beach Dhigihera Tourism Zone in Feydhoo.
The government had previously announced plans to develop 8,000 tourist beds in Addu City over a five-year period, though the initiative has stalled. The physical work on Addu City’s Hankede project is set to commence soon; this property alone will add 2,000 beds. However, the project is due to be completed within two years.
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