President Dr Mohamed Muizzu Thursday heralded a "historic day" for the Maldives, after the handover of an unprecedented 216 development projects to 53 private companies across over 120 islands, designed to drive national prosperity through the private sector.
The landmark initiative, he declared, is a cornerstone of his administration's strategy to bring prosperity to the general public, following the successful revitalisation of an economy that had been “designed to default.”
Speaking at the ceremony marking the signing of these agreements, President Dr Muizzu emphasised the monumental scale of the undertaking.
"This is a day that will go down in our history where the largest number of projects have been awarded to private companies," he said.
He attributed this achievement to his government's efforts in revitalising an economy he said was in distress when it took office in Novemner 2023.
"As a result of the cooperation across all sectors, we have reached this signing today. Without the confidence of the private sector, this day would not have come," he affirmed.
The President outlined a clear vision for the future, emphasising that this strategy will significantly boost the construction sector and the broader economy.
"We want to enrich the masses. When the private sector gets such projects, many people will benefit as these projects flow through the logistics chain, supply chain and sub contracts. Productivity will increase many times over," he explained.
He reiterated the government's commitment to continuously engaging the private sector, promising "many such projects will be available to the private sector" in the future.
President Dr Muizzu also assured transparency and adherence to legal frameworks, stating that all procedures were completed in accordance with laws and regulations.
Projects were awarded to companies after they submitted audited three-year financial statements, as per state financial regulations, and mobilisation is mandated within the next 21 days.
He also pledged full support from the Ministry of Finance and Planning along with local banks to ensure the swift commencement and completion of these projects, which are set to boost the local economies of the islands.
Among the prioritised initiatives are numerous housing sector projects and a commitment to air-condition all school classrooms nationwide before the new academic year begins.