Ministry of Economic Development has announced the seeking parties to finance the residential city to be developed in Giraavaru Lagoon in Kaafu Atoll on a cross-subsidy basis.
The economic ministry announced cross-subsidisation of island, land, or lagoon allocated for tourism seeking finance for the development of a residential city in Giraavaru lagoon. Interested parties are asked to submit relevant documents. Expression of interest (EOI) can be submitted through the form published in the Gazette and this opportunity is open indefinitely, according to the ministry.
President Ibrahim Mohamed Solih announced in this year's Presidential Address that the government has decided to dredge the Giravaru lagoon for the allocation of 2,000 land plots for the residents of Male City. President Solih earlier said that the development of 5,000 housing units in Hulhumale' is ongoing and he revealed plans to develop an additional 2,000 housing units in Hulhumale'. He also revealed that the development of 2,180 homes outside of the Greater Malé Region is currently progressing in different stages. Of these, 3,000 plots were opened in June this year. By September, more than 15,000 applications for the land had been submitted to the Ministry of National Planning, Housing and Infrastructure and the list of recipients will be announced soon.
The loan scheme is part of the administration's pledge to introduce nationwide affordable housing options to ensure dignified lives for all Maldivians.