MVR 954.5 million to be spent on land reclamation projects in 2020

The Finance Ministry has allocated a budget of MVR 954.5 million for land reclamation projects in the Maldivian islands in 2020.

The 954.5 million for land reclamation is the single largest allocation under Public Service Investment Program (PSIP) projects listed on the proposed state budget for 2020.

It includes a MVR 949 million allocation for land reclamation projects in multiple islands under loan assistance from ING – a Dutch multinational banking and finance corporation, and a MVR 244.1 allocation for land reclamation projects in 12 more islands.

Planning and Infrastructure Minister Mohamed Aslam has previously stated that the government planned on completing all planned land reclamation projects simultaneously.

He made the statement on October 10, during discussions with the National Development and Heritage Committee of Parliament.

He also added that the Maldivian government was engaged in discussions with the world’s leading company for land reclamation projects.

Land reclamation at K. Gulhifalhu in preparation of the relocation of the Male’ Commercial Port – an ING loan assisted project – has now been contracted to Dutch company, Boskalis, for USD 53 million (MVR 817 million).

An additional MVR 247 million will go into the relocation itself.

According to the Maldivian government, the land reclamation project will begin before the end of this November.