Maldives Aquatics (MA) has decided to take out an MVR 70 million loan from the Bank of Maldives (BML) in order to complete the swimming pool complex project near Central Park, Hulhumale'.
The Swimming Association had their title changed to Maldives Aquatics. This was done to abide by the guidelines set by World Aquatics (WA).
A budget of MVR 97 million was passed by MA for 2026. MVR 71 million of the budget will be the loan taken from BML.
Vice President of MA Ismail Ali stated that the loan will be paid back in 10 years via instalment, with it having been approved by BML's board.
This is the largest loan being taken out by a Maldivian sports association. According to Ismail, the loan was approved by BML after options were explored as to how MA can repay the loan.
Ismail is completely assured that the revenue generated from the swimming pool complex's commercial area that will be developed will be able to cover the loan.
As per Ismail, BML officials visited and inspected the construction site during the process of approving the loan.
"The loan was approved after the BML officials had visited and inspected the site, taking into account the speed of the work and other factors," said Ismail.
Ismail stated that a large portion of the loan will go towards the 40 meter roof of the swimming pool. What makes the roof special is that it was designed to not have any pillars under it.
Ismail, who works in the construction industry, is actively working on the pool construction project every day. He said that there are no Maldivian companies who have the experience to build such a roof.
Three Chinese companies expressed interest in the design and construction of the roof when the project was opened for international bidding.
"We are currently holding discussions to determine a company that can work as per our stated criteria and for the appropriate price," as was said by Ismail.
Work on the framework of the pool was done by a foreign company. Ismail has told Mihaaru News in the past that the company was one of many that have been approved by WA.
He went on to say that it is their hope they can finish the project and have it operational within this year.
Champa Hussain Afeef has provided the most aid in the construction of Maldives' first Olympic-level swimming pool.
