Minister Estimates Fushidhiggaru Project Costs Over USD 500 Million

In a press conference held today, Minister of Construction and Infrastructure, Dr Abudulla Muthalib, provided insights into the financial aspects of the Fushidhiggaru project. Muthalib estimated that the project’s cost would range between USD 500 million and USD 700 million, with the expenditure falling on the contracted company.

Highlighting the intricacies involved in determining the project’s cost, Muthalib explained, “it’s not a small cost. It will cost between USD 500 million and USD 700 million at the very least. The depth of the site, the dredging area, the amount of sand needed, and the area where the sand is extracted all contribute to these estimates.”

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The minister emphasised that the government would not incur any expenses related to the dredging project. Muthalib clarified, “the contractor is taking all the risks, and the state will commit a certain amount of land to them, and the rest will be dredged. It is not a financial transaction.”

The contracted entity responsible for the land reclamation is Sri Lanka’s Capital Marine and Civil Construction Company. As part of the agreement, the company is set to receive 10 hectares of land in Hulhumale’ and 60 hectares of land in Fushidhiggaru for a duration of 90 years.