President Dr Mohamed Muizzu has stated that today saw a record number of development agreements signed with local private companies. He made the statement speaking at the project formalisation ceremony with private contractors for people-focused development initiatives to be conducted under contractor financing basis, held at Barceló Nasandhura Malé hotel.
At the historic project formalisation ceremony, the President stated that financing for the 206 initiatives would be issued to the partner companies within a 21-day period.
A total of 216 projects was awarded to 53 private companies, including agreements signed today and over the past two days. These projects will be implemented across 123 islands across all atolls.
The President noted that the initiative will expand the economy and, in particular, drive progress in the construction sector. Expressing confidence in the reliability of the partner companies, he said that resource mobilisation for the projects would commence within 21 days.
The President signalled a brighter economic future, emphasising that these projects were contracted following the stabilisation of an economy that was originally designed for default, achieved through the coordinated efforts of all Government bodies. The companies were selected after a thorough vetting process, he noted, indicating that each company had to submit a three-year audited financial statement and additional regulatory procedures mandated by the bank. He added that these projects would not face financial constraints, provided the companies fulfil their contractual obligations. He further assured that all Government line ministries and agencies will extend full support to the partner companies, to facilitate the projects. He also stated that the Government would continue to engage with private companies in implementing projects aimed at the betterment of the public.
Agreements signed today covered projects across nine major sectors, including education, health, environment, fisheries, sports, housing, religion, social development, and youth.
The President stated that housing would be a priority, revealing that 825 housing units across 13 islands will be developed under this initiative. He added that this forms part of the Administration’s commitment to fulfilling its pledges on housing.
The President concluded his address by announcing that preparations are underway to launch housing initiatives in the Greater Malé region, assuring that these projects will be implemented promptly.