Government Seeks $100M in First Cross-Subsidy Project for National Security

The Maldives government launched the first cross-subsidy project for national security, increasing the investment target to US$100 million from an initial US$15 million. Under the model, investors receive islands or lagoon rights in exchange for financing government initiatives. The government is offering Hiymiya Falhu, a 712-hectare lagoon near Malé worth over US$40 million, and other unspecified locations. The announcement comes amid speculation that the government is purchasing surface-to-air missiles and a ship from a Turkish defense contractor. The government has already procured drones from a Turkish company for US$37 million, which is above market rates, leading to allegations of corruption.

The Maldives government launched the first cross-subsidy project for national security, increasing the investment target to US$100 million from an initial US$15 million. Under the model, investors receive islands or lagoon rights in exchange for financing government initiatives. The government is offering Hiymiya Falhu, a 712-hectare lagoon near Malé worth over US$40 million, and other unspecified locations. The announcement comes amid speculation that the government is purchasing surface-to-air missiles and a ship from a Turkish defense contractor. The government has already procured drones from a Turkish company for US$37 million, which is above market rates, leading to allegations of corruption.

The Maldives government launched the first cross-subsidy project for national security, increasing the investment target to US$100 million from an initial US$15 million. Under the model, investors receive islands or lagoon rights in exchange for financing government initiatives. The government is offering Hiymiya Falhu, a 712-hectare lagoon near Malé worth over US$40 million, and other unspecified locations. The announcement comes amid speculation that the government is purchasing surface-to-air missiles and a ship from a Turkish defense contractor. The government has already procured drones from a Turkish company for US$37 million, which is above market rates, leading to allegations of corruption.

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