The Gulhifalhu Commercial Port project’s bidding phase is set to begin by March 2024. The venture is supported by a substantial credit facility of USD 1.4 billion provided by India to the Maldives. Out of this sum, USD 400 million has been earmarked for the initiative.
A spokesperson from Exim Bank conveyed to the Economic Times that the bidding process is expected to kick off before March of the coming year. Due to the financing arrangement with India, only Indian firms are eligible to participate in the bidding event.
For the port’s developmental tasks, Niraas, a Danish firm, and Maritime Transport Business Solutions (MTBS) from the Netherlands have been selected as consultants. Moreover, Water Solution, Clear Reign Maldives, and Beachrock Venture, all Maldivian enterprises, will serve as sub-consultants for the project.
Upon the anticipated completion of the Gulhifalhu port in 2026, the current commercial port in Male’ is set to be gradually decommissioned.