President Dr Mohamed Muizzu has stated that a record number of development agreements have been formalised with local private companies. He made the statement at the project formalisation ceremony held at Barceló Nasandhura, where contracts were awarded for people-focused development initiatives to be carried out under a contractor financing model.
At the historic ceremony, the President noted that financing for the 206 initiatives would be issued to partner companies within 21 days.
A total of 216 projects have been awarded to 53 private companies, including those formalised today and over the past two days. These projects will be implemented across 123 islands spanning all atolls.
The President noted that the initiative will stimulate economic growth, particularly within the construction sector. Expressing confidence in the partner companies, he added that resource mobilisation for the projects would begin within 21 days.
He highlighted that the projects were awarded following the successful stabilisation of an economy that had been on the brink of default; a turnaround achieved through the coordinated efforts of Government institutions. The President explained that the selected companies had undergone a thorough vetting process, which included the submission of three years of audited financial statements and compliance with additional regulatory requirements set by the banks.
He assured that the projects would not face financial constraints, provided companies meet their contractual obligations, and pledged full government support through all relevant ministries and agencies to ensure smooth implementation. He further affirmed the Government’s continued collaboration with private companies in undertaking initiatives aimed at improving public welfare.
The agreements formalised today encompass projects across nine major sectors: education, health, environment, fisheries, sports, housing, religion, social development, and youth.
Highlighting housing as a key priority, the President revealed that 825 housing units will be developed across 13 islands under this initiative, reaffirming the administration’s commitment to delivering on its housing pledges.
Concluding his address, President Dr Muizzu announced that preparations are under way to launch housing projects in the Greater Malé region and assured that these initiatives will commence promptly.