Ministry of Finance has revealed it is seeking a contractor for the land reclamation project in Addu City.
The project worth USD 75 million is being funded by a Line of Credit from the Export-Import Bank of India (EXIM Bank) and is scheduled to be completed within two years.
The High Commission of India stated the finance ministry will be closing the bidding process on June 15. The high commission stated four international dredging companies will be submitting bids through Indian subsidiaries.
After evaluating the bids, the finance ministry will be awarding the project to a contractor within 4-5 weeks. The project consists of reclaiming 228 hectares of land for the protection and preservation of the natural environment and shores in Addu City. It also consists of reclaiming 38 hectares in Hithadhoo and Hulhumeedhoo as well as 75 hectares in Maradhoo and Maradhoo-Feydhoo for residential, commercial, and industrial development. The project also includes the development of two resort islands by reclaiming five hectares of land for each resort.
The high commission stated that the Government of the Maldives is allowed to source 55% of the components from India although projects funded by Line of Credit require that 65-75% of the components to be sourced from India. The purpose of the project is to transform the southernmost city into a commercial hub and popular travel destination, stated the government.