The Ministry of Finance has announced that it is looking for a contractor for the Addu City land reclamation project.
The USD 75 million project is being funded by an Export-Import Bank of India (EXIM Bank) Line of Credit and is expected to be finished in two years.
According to the Indian High Commission, the finance ministry will close the bidding procedure on June 15. The high commission further stated that four multinational dredging businesses would submit bids through Indian subsidiaries.
Following the evaluation of proposals, the finance ministry will award the project to a contractor within 4-5 weeks.
The project entails reclaiming 228 hectares of land in Addu City for the protection and preservation of the natural environment and beaches. It also includes the reclamation of 38 hectares in Hithadhoo and Hulhumeedhoo, as well as 75 hectares in Maradhoo and Maradhoo-Feydhoo, for residential, commercial, and industrial development. The concept also includes the building of two resort islands, with each resort reclaiming five hectares of land.
According to the government, the project’s goal is to develop the southernmost city into a commercial hub and attractive tourist destination.