Ministry of National Planning, Housing and Infrastructure has signed agreements with two additional companies to finance the development of six domestic airports.
The two companies are Angiri Resort Management and Operations Private Limited and Rank Projects and Development Private Limited. The ministry previously signed agreements with Muni Enterprises Private Limited and Dhekunu Dhuni Investment Private Limited to finance the development of six domestic airports.
The agreements were signed after the government made the announcement to submit proposals to develop or finance the development of six domestic airports under the guidelines on leasing land for resort development on a cross-subsidy basis. The ministry sought contractors to develop or finance the development of domestic airports in Makunudhoo in Haa Dhaalu Atoll, Bilehfahi in Shaviyani Atoll, Alifushi in Raa Atoll, Thulhaadhoo in Baa Atoll, Magoodhoo in Faafu Atoll and Vilufushi in Thaa Atoll.
The ministry revealed that 12 companies submitted proposals for the projects, corresponding to an investment of USD25 million. The projects were opened for contractor financing and development, with the minimum financing amount initially set as USD5 million for each project. However, the financing policy was later revised to allow a minimum financing of USD3 million. The ministry stated the development of the airports is expected to cost USD133 million.