Maldives tasks Dubai's IFZA to develop economic zones

Government on Sunday signed an agreement with Dubai based economic zone giant International Free Zone Authority (IFZA) to develop two economic zones in the island nation.

On behalf of the government Economic Minister Mohamed Saeed signed the MoU with IFZA to develop a special economic and a financial services zone at Funadhoo Island and the Maldives Economic Gateway at the northernmost Ihavandhippolhu. 

According to IFZA, this initiative would pave the way for Maldives to attract investors in Fintech, consultancy, financial services and a host of other trade areas. 

"I believe that with this special project, Maldives will move forward as a country of progress and development," CEO Martin Pedersen said during the signing ceremony.

He noted that the Maldives would no longer been renowned just as a luxury tourist destination, but also for its premier commercial and financial services. 

Minister Saeed said IFZA will bring in the funding required for the project and expressed hope that an agreement can be reached in the next five months or so.

"We assure investors and those who are ready to do business in Maldives that these projects will continue without delay," Saeed assured.

Government in January formed a new agency named the 'Maldives International Financial Authority' with the sole aim of establishing a development bank and offshore banking services in the country.

Saeed on Sunday announced that the development bank will be operational by July. 

According to Saeed, the government had received the green light from several investors willing to invest in the bank.

"...those who will invest in the bank are already giving us full assurance and indications that they will come with confidence and be a part of this initiative," the minister said.

"We are very confident that we can begin its operations in July."