Minister of Climate Change, Environment, and Energy Thoriq Ibrahim has announced that the Maldives is seeking foreign assistance to carry out reef conservation efforts through local Maldivian companies. He made the statement while addressing the media after signing a Memorandum of Understanding (MoU) for the Maldives Resilient Reef Ecosystem and Economy for Future (Maldives RREEF) Project.
The Maldives RREEF Project, backed by the Global Fund for Coral Reefs and the Australian Government, aims to secure financial support for reef conservation and other environmental initiatives in the Maldives. The MoU was signed during a ceremony at Fuvahmulah City Council, with the participation of the Addu City Council, Fuvahmulah City Council, the United Nations Development Programme (UNDP) Maldives, and the environment ministry.
Speaking to the media, Minister Thoriq highlighted that the project will focus on two key objectives. He said that the project will allocate USD 129,000 each for the operationalisation of the Addu and Fuvahmulah nature parks. He emphasised that financial support will be extended to Maldivian startups involved in reef-related activities under the project. He also noted that the project will run for eight years, with a total grant of USD 10 million, and private investments will also be sought to support the initiative.
Meanwhile, Ambassador of Australia to the Maldives David Jessup said that both Australia and the Maldives face similar challenges due to climate change. He noted that the two countries, with the help of the Global Fund for Coral Reefs, will contribute at least USD 3.3 million over the next five years to support climate change-related projects.
The launch of the Maldives RREEF Project reflects the government’s commitment to securing foreign assistance for Maldivian companies working on reef conservation. The project will also include a valuation of the country’s natural lagoons.