Investors sought to reclaim and develop Giraavaru lagoon as a city

The government is seeking investors to finance the reclamation and development of Giraavaru lagoon in Kaafu Atoll as a city.

While Giraavaru lagoon has been decided as an area that will be developed to ease housing difficulties for Male’ residents – a resolution signed by President Ibrahim Mohamed Solih was publicized on Thursday declaring that Giraavaru lagoon will be developed as a residential city.

As per the resolution – the minimum budget for the project is USD 5 million.

Economic Ministry made an announcement on Friday following the resolution – seeking investors to finance the reclamation and development of Giraavaru lagoon as a residential city in exchange of a cross-subsidization of island, land or lagoon allocation for tourism.

In this regard, the Ministry have opened interested parties to submit their Expression of Interest (EOI) or proposals.

Those interested have been instructed to fill out the attached form in the announcement and send it to the Ministry via email to [email protected] along with the required documentation.

In his presidential address at the inaugural sitting of the parliament this year – President Solih announced plans to reclaim Giraavaru lagoon and issue 2,000 land plots for Male’ residents. He also said that the lagoon will be linked via the Thilamale’ project.