Government on Tuesday invited investors to submit proposals to develop three existing airports on cross-subsidy basis, which allows the government to award an island or lagoon for resort development in exchange for project financing.

In a notification, the planning ministry opened for financing proposals for the development of:

  • Madivaru Airport in Lhaviyani atoll

  • Dhaalu Airport in Dhaal atoll

  • Maafaru International Airport in Noonu atoll

According to the ministry, the option has been opened under the rules governing the leasing of islands, land or lagoons for tourism purposes through cross-subsidy.

The estimated financing requirements are: 

  • Madivaru Airport - $15 million

  • Dhaalu Airport - $50 million

  • Maafaru International Airport - $30 million

Minimum financing in the proposal should be $5 million.

Earlier, six domestic airports and a residential city at K. Giraavarufalhu were earmarked for development on cross-subsidy basis.