Finance Minister Ibrahim Ameer stated on Thursday that with the completion of ongoing development projects, the Maldives’ GDP will double and reach USD 10 billion in the next few years.
He delivered the remarks at the signing ceremony for the Greater Male Connectivity Project.
According to Minister Ameer, the actual GDP in 2019 was USD 5 billion, with 1.7 million tourist visitors. He predicts that with the inclusion of new development projects, visitor arrivals will quadruple, increasing GDP tremendously.
The finance minister highlighted that the current project must be continued, regardless of the Covid-19 repercussions that the country is currently experiencing as the economy recovers.
He went on to stress that projects that have already been funded must continue to benefit from the low financing rates, and that such opportunities must not be missed.
The Greater Male’ Connectivity Project, the country’s largest infrastructure project, will connect Male’ City to Thilafushi, Vilimale’, and Gulhifalhu.
The project is supported by a USD 400 million line of credit from India’s EXIM Bank and a USD 100 million grant from the Indian government.
The loan was made available by India’s EXIM Bank at a 1.75 percent interest rate. After a 5-year grace period, the loan must be repaid within 15 years.