Maldives government has revealed that an expenditure of US$ 300 million will be incurred to develop the Gulhifalhu port, and that the funds will be arranged via the Indian Exim Bank in the form of a loan.
During a press conference held Tuesday by the Economic Ministry to brief the media on Foreign Direct Investment (FDI), Economic Minister Fayyaz Ismail in an answer to a question revealed that the surveys and research necessary to develop the Gulhifalhu port are currently underway. The practical work of the project will be implemented during the final quarter of the year, said the minister.
Land reclamation work to construct the industrial harbour in Gulhifalhu was awarded to a Dutch Company, Royal Boskalis Westminster for USD$ 53 million last year. The project was not opened for bidding. Under this agreement, 16 million cubic meters of land will be reclaimed and 4 km sea wall will be constructed within 180 days.