Government signs 206 Projects With 53 Private Companies
206 projects under 9 developmental sectors were handed over to 53 private companies. | Photo: President’s Office X
The Government of the Maldives has signed a record number of development projects with private companies in a single day, in a move aimed at accelerating national infrastructure while reducing strain on public finances.
Speaking at the ceremony held to sign the contracts, Finance Minister Moosa Zameer said that today marks the handover of 206 projects under a contractor-financing model to 53 capable private firms. These projects include the construction of jetties, schools, youth fitness centres, and improvements to waste management systems, alongside the development of several islands.
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The projects, signed under a contractor-financing model, will be funded through the Bank of Maldives (BML). Minister Zameer said that the funding systems will be based on providing the funding through monitoring whether the company meets performance standards set by the government, and on the results of the projects handed to the companies.
According to Minister Zameer, the agreements have been designed to prioritise public benefit, taking into account feedback from local communities. The model is intended to minimise fiscal risks while ensuring the projects are monitored closely and funding systems are effectively managed.
Sustainability and environmental compliance will form the basis of all designs, with particular focus on developing efficient waste management systems. The initiative also aims to create job opportunities and further integrate private contractors into national development efforts.
Minister Zameer described the event as a step forward in delivering infrastructure that meets both public needs and long-term environmental and economic goals.
According to reports by some local media, the estimated sum of all 206 projects handed over today amounts to MVR 2.7 billion.
