A treasury loan of MVR 650.7 million was issued from the state budget this year to the Maldives Airports Company Limited (MACL) to cover reclamation costs of Giraavaru lagoon, where plots are allocated under the Binveriyaa housing scheme. Reclamation of Giraavaru Falhu, resumed by MACL in January, remains incomplete, with satellite imagery showing no work since it stalled in April.
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the government · Complete the dredging phase of the Giraavaru Falhu reclamation and hand over land plots, with the deadline revised twice.
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It has been revealed that a loan of MVR 650.7 million was issued to the Maldives Airports Company Limited (MACL) from the state budget this year to cover the reclamation costs of Giraavaru lagoon
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The budget initially approved for this year had only planned for a treasury loan of MVR 231.3 million, intended for the Maldives Centre for Islamic Finance (MCIF) for an SME Impact Fund.
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the initial loan was completely scrapped, and the total treasury loan amount was increased to MVR 840.2 million.
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The Finance Ministry stated that the MVR 189.5 million provided to Fenaka was intended for settling outstanding payments to suppliers.
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By the time operations ceased, only 56 hectares had been reclaimed out of the 120 hectares originally planned.
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only 56 hectares had been reclaimed out of the 120 hectares originally planned.
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Upon MACL's takeover, the government expanded the reclamation area to 169 hectares under a new land-use plan.
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a total of 98 hectares had been reclaimed—including 44 hectares completed by MACL—leaving 71 hectares of land still to be filled.
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leaving 71 hectares of land still to be filled.
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The reclamation of Giraavaru Falhu began in May 2023 under the previous administration as a project managed by the Maldives Fund Management Corporation (MFMC). At the time, the contract for land reclamation was awarded to Capital Marine Engineering and Construction (CMC).
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Satellite imagery analysed by Adhadhu indicates that no reclamation work has taken place at Giraavaru Falhu since it stalled in April this year.
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