Minister of Defence and National Security has revealed plans to merge the services provided by SIFCO and SIVEK and form a single company.
It has been decided to merge SIFCO and SIVEK as several hurdles are faced in welfare programmes of servicemen, Defence Minister Adam Shareef Umar said addressing the ceremony held in recognition of military men. The Defence Minister noted SIFCO housing scheme has been interrupted as seeking loans have been difficult, as SIFCO is not a registered company.
Noting that Ministry of Economic Development has adviced to form a new model by merging SIFCO and SIVEK, Minister Adam Shareef stated the establishment of the new company will serve for the welfare of servicemen. Upon establishment of the new company, the main focus would be to construct housing units in Hulhumale' before the end of the year, mentioned the Minister.
The government of Maldives has allocated USD 828,000 for the welfare of military servicemen from the state budget this year.