Board of Investments Commences Evaluation of First SEZ Proposal
The Board of Investments has commenced the evaluation of a substantial solar project, marking the first proposal under the revised Special Economic Zone (SEZ) framework.
This follows the recent reduction in the minimum investment threshold for SEZ projects, a change that came into effect last month.
As reported by the Economic Ministry’s post on X, the Board of Investments officially began its review of the 110 MW solar and battery storage project yesterday. The project, announced by President Dr. Mohamed Muizzu on December 24, is significant as it represents the inaugural renewable emergency initiative by a nation post the COP28 summit.
Muizzu, in a decree issued on December 17, lowered the minimum investment requirement for projects within the Maldives’ SEZs from USD 150 million to USD 100 million.
This move is part of ongoing efforts to foster economic development and encourage investment within the SEZ framework, established through the SEZ Act in 2015.