Maldives hikes minimum spending on sovereignty projects to $100m
Previously, the minimum investment for such projects was set at $15 million (MVR 231.3 million).
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President Mohamed Muizzu on Tuesday increased the minimum investment requirement for projects aimed at protecting Maldives' independence and sovereignty to $100 million (MVR 1.5 billion).
The change was made through an amendment to a presidential decree issued under the Tourism Act, which sets the investment thresholds for key projects undertaken for public benefit.
Previously, the minimum investment for such projects was set at $15 million (MVR 231.3 million). With the amendment, the required amount has now been raised to $100 million.
The decree outlines 25 projects classified as being in the public interest. These include airport developments, coastal tourism projects, social housing initiatives, land reclamation, and causeway connections.
