The Ministry of Finance has revealed that USD10 million was utilised from the Green Fund in November to fund 60 projects. The amount is a 378% increase compared to July, in which USD1.5 million was utilised to fund 39 projects.
The latest Green Fund Report published by the finance ministry shows that 60 projects were financed from the fund in October. The projects include establishing coastal protection, water supply, waste management, and sewerage systems in various parts of the country.
The Green Fund report shows the biggest contribution in October was made to the development of coastal protection project in Komandoo, Shaviyani Atoll with USD1.2 million, Provision of Water Supply, Sanitation and Waste Management, OFID Phase 2 with USD487,000, Water System in Veymandoo, Thaa Atoll with USD435,00, Water System in Innamaadhoo, Raa Atoll with USD416,000 and Water System in Feevah, Shaviyani Atoll with USD403,000.
The Green Fund received USD53 million in the first ten months of 2022 while USD47 million was utilised. The Green Fund contains USD52 million as of August.
The Green Fund was introduced in 2016 with the aim of tackling environmental issues in the Maldives as per the Tourism Act of the Maldives. As such, USD6 is charged as Green Tax per tourist for each day they spend at a resort or a hotel in the Maldives, and USD3 is charged as Green Tax per tourist for each day they stay at a guesthouse.