Companies Will Not Face Funding Difficulties for Development Projects, Says President Muizzu

President Dr Mohamed Muizzu has assured that companies contracted for development projects across the Maldives will not face financial hurdles in carrying out their work.

He made the remarks at a special ceremony held at Barceló Nasandhura Malé to formalise the handover of contracts to private companies. The President said that, including the agreements signed over the past two days and the 206 contracts formalised today, a total of 216 contracts have now been signed.

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Highlighting the state of the economy when his Administration took office in 2023, President Muizzu said it was near collapse at the time but had since been revived through collective effort. He added that as the new projects commence within the next 21 days, the economy would become more active and dynamic.

President Dr @MMuizzu attends the project formalisation ceremony with private contractors for people-focused development initiatives, strengthening partnerships to accelerate nationwide progress. The projects span key sectors including education, health, environment, fisheries,… pic.twitter.com/x5fFbpNejX— The President's Office (@presidencymv) November 6, 2025

President Muizzu said the initiative aims to revitalise the private sector, particularly the construction industry. He added that under the current arrangements, private firms should not face difficulties in accessing funds — a common challenge previously encountered when undertaking government projects.

“Companies will keep operating according to the agreements to ensure that fund releases are not delayed as they usually are. They will be required to do so. They will receive the money once they request payments. The contacts were signed to ensure they will be completed efficiently,” he said. 

The projects, signed under a contractor-financing model, will be funded through the Bank of Maldives (BML). According to reports by some local media, the estimated sum of all 206 projects handed over today amounts to MVR 2.7 billion. These projects include the construction of jetties, schools, youth fitness centres, and improvements to waste management systems, alongside the development of several islands.

President Muizzu also noted that every single company that the government signed today had completed the procedures required by both the Ministry of Finance and Planning, in addition to the Bank of Maldives.

“Therefore, the government is undertaking these efforts professionally and transparently, following the law and regulations, with the aim of fulfilling the promises made to the people in a sincere and accountable manner,” President Muizzu said.