Muizzu Sets New Minimum Investment Threshold for Various Projects
Photo: President’s Office
President Dr Mohamed Muizzu set new minimum investment thresholds for various development projects yesterday.
In a Presidential Decree issued under the Tourism Act, he updated the minimum investment regarding projects eligible for cross-subsidy investment. The most recent amendments to the Tourism Act were ratified on March 19. The new decree sets forth key investment projects, requisite financial commitments, and designated project locations.
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In the decree, Muizzu wrote that he amended the previous decree regarding this issue as he saw a need to change the minimum investment requirement for certain developmental projects for them to be profitable for the government.
The minimum investment set by this decree varies from USD 4 million to USD 20 million.
Project Details and Minimum Investment Required
Seven projects required MVR 4 million as a minimum requirement. They are:
- Developing “Asseyri Tourism Project” in Addu
- Developing “Asseyri Tourism Project” Laamu Atoll Gan
- Developing a causeway between Komadulu and Veymandhoo in Thaa Atoll
- Developing a causeway between Komadulu and Madifushi in Thaa Atoll
- Developing a causeway between Hithadhoo and Kunahandhoo in Gaafu Alifu Atoll
- Developing a causeway between Kalaidhoo and Dhanbidhoo in Gaafu Alifu Atoll
- Developing a causeway between Muli and Naalaafushi in Meemu Atoll
Seven projects require a minimum investment of USD 5 million as well.
- Developing an airport in 13 islands across the Maldives. They are Haa Alifu Atoll Dhidhdhoo, Haa Dhaalu Atoll. Makunudhoo, Shaviyani Atol. Komandoo, Shaviyani Atoll Milandhoo, Shaviyani Atoll Bileiyfahi, Raa Atoll Fainu, Raa Atoll Alifushi, B Baa Atoll Thulhaadhoo, North Alifu Atoll Mathiveri, Meemu Atoll Muli, Faafu Atoll Nilandhoo, Thaa Atoll Guraidhoo, Thaa Atoll Vilufushi,
- Developing a second airport in Gaafu Alifu Vilingili and Laamu Atoll
- Social housing projects all over the Maldives
- Land reclamation of Kaafu Atoll Fushidhiggarufalhu for “Rasmale’” project
- Land reclamation of Kaafu Atoll Gulheefalhu
- Land reclamation of Kaafu Atoll Giraavarufalhu
- Land reclamation of the shallow lagoon south (Uthuru Thila Falhu) of Giraavarufalhu in Kaafu Atoll
- Setting up utility services and road development in newly reclaimed land.
USD 7 million is the minimum requirement to develop an international airport Gaafu Dhaalu Atoll, while USD 10 million was set for the reclamation of 15 hectares of land from Kaafu Aroll Giraavaru lagoon for the “Hope Island” project, which aims to provide support for at-risk children.
Four projects require a minimum investment of USD 15 million.
- Reclaiming 30 hectares of land within Kaafu Atoll Giraavaru lagoon to build a Central Prison Complex.
- Developing a Central Prison Complex in Kaafu Atoll Giraavaru lagoon
- Programmes designed to protect and preserve independence, and sovereignty in addition to maintaining peace and tranquillity in the country
The project requiring the highest minimum investment amount is the one set to develop a high-performance centre for the Maldives. This project, which requires USD 20 million as a minimum investment, does not specify where it is to be developed.
