Funadhoo-Male to be connected by monorail, financed by IFZA

Economic Minister Mohammed Saeed has said that the special economic and financial services zone to be established in K.Funadhoo will be connected via monorail as per the MoU signed between the Ministry of Economic Affairs and the UAE's International Free Zone Authority (IFZA).

Speaking at a press conference held on Saturday, Saeed said that physical infrastructure is also important for financial services and the task of setting up the necessary infrastructure in K.Funadhoo has now been handed over.

Saeed said that the drawings of the buildings to be built in Funadhoo are also underway and the buildings will be a spectacular sight for both the locals and the people visiting Maldives.

"Funadhoo is being connected to Male and Hulhule by a single track monorail. So we have signed with someone to finance that work. That is with IFZA," he said on Saturday.

Speaking at the signing ceremony of the MoU with IFZA that was held on 12th of this month, Saeed said that Funadhoo will be developed as a financial hub by connecting Funadhoo with Male and Funadhoo with Hulhule by bridge.

"Within five years, we hope to complete the building and the bridge connecting Funadhoo and Hulhule. The work will be funded by IFZA," Saeed said.