Ministry of Economic Development has announced it is seeking parties to develop a transshipment port in Ihavandhippolhu Atoll.
The economic ministry stated the development of the international transshipment port in the northernmost geographical region of the Maldives will be carried out under public private partnership. The ministry said the port is being developed to cater to the largest cargo ships in the world, with a handling capacity of 1.8 million containers per year. The ministry said an investment of approximately USD 466 million will be needed for the development of the port.
Ihavandhippolhu Atoll is located in close proximity to the primary international shipping routes across the east and west. Therefore, the economic ministry states the atoll is an ideal location for the development of a transshipment port. The ministry states the port will help major shipping lines across the world to broaden its operations in South Asia.
The economic ministry further stated the development of the port will significantly boost the Maldivian economy through the establishment of an economic hub in the north. The ministry said the port will facilitate the development of multiple sectors and open a wide array of job opportunities for locals.