President Dr. Mohamed Muizzu, on Tuesday, has increased the minimum threshold for investment on projects aimed at protecting Maldives independence, sovereignty and peace to USD 100 million.
The first amendment to the decree setting down the minimum threshold for investment on important projects undertaken under specific economic policies for the general benefit to the state was publicized on March 21st.
Article 13 of the decree was again amended and publicized on Tuesday.
Prior to this, the minimum threshold for investment on projects aimed at protecting Maldives independence, sovereignty and peace was set at USD 15 million.
Tuesday’s amendment has increased the minimum threshold for investment on such projects to USD 100 million.
Prior to this, the President’s office said the initial decree was amended by the President as he saw the need to change the minimum investment threshold for certain developmental projects under specific economic and social policies under the Tourism Act, aimed at attaining a general benefit to the state.
The decree specified the key investment projects, requisite financial commitments, and designated project locations.
They included the implementation of the Asseyri tourism project in Laamu Gan and Addu City. Furthermore, the Decree authorizes the reclamation of 15 hectares of land from K. Giraavaru lagoon for the ‘Hope Island’ project, which aims to provide support for at-risk children. Additionally, 30 hectares of land within the same lagoon have been allocated for the development of a new Central Prison Complex.
The Decree further emphasizes the prioritization of national security projects and social housing initiatives, including extensive land reclamation efforts in Rasmale’, Gulhifalhu, Giraavarufalhu, and Uthuru Thila Falhu.