Investors invited to finance city development at Giraavaru lagoon
The ministry's notification said that the minimum amount for submission of proposals would be USD 5 million.
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By
Mohamed Muzayyin Nazim
Government on Friday opened bids for investors to submit proposals to finance the development K. Giraavaru lagoon as a residential city.
President Ibrahim Mohamed Solih on Thursday issued a resolution to develop a residential city in Giraavaru lagoon, which will allot land to Male residents.
The president's resolution states that the minimum cost of spending on the project is $5 million (MVR 77 million).
Economic ministry on Friday opened the area to investors on a cross-subsidised basis, which provides an island or lagoon in return for financing.
In a notification, the ministry said that those interested in financing the development of a city in Giraavaru area are now welcome to submit proposals. The ministry's notification reinstated that the minimum amount for submission of proposals would be $5 million.
Interested and eligible candidates can apply to the ministry's e-mail ([email protected]) after completing the application form.
President Solih has announced in his presidential address this year that 2,000 houses will be allotted to the people of Male city.
