MVR 650.7 Million State Loan for Giravaru Bay Land Filling Revealed

The Maldives Airports Company Limited (MACL) has received a significant loan of MVR 650.7 million from the state budget this year to cover the costs of filling Giravaru Bay, where plots for the indigenous people scheme have been sold. The revelation comes from budget estimates submitted for next year, as this expense was not included in the approved budget for this year. The treasury loan was initially planned as MVR 231.3 million for the Maldives Centre for Islamic Finance (MCIIF) for the SME Impact Fund. However, in the revised budget estimates, this loan was entirely reduced, and the total treasury loan amount increased to MVR 840.2 million. Besides MACL, Fenaka also received a loan of MVR 189.5 million, which the Ministry of Finance stated was for payments to suppliers. The Giravaru Bay project began in May 2023 under the Maldives Fund Management Corporation (MFMC) during the previous government, with the contract awarded to Capital Marine Engineering and Construction (CMEC). The work halted after the government changed, with 56 hectares of the planned 120 hectares completed. When MACL took over the project in January this year, the government expanded the fill area to 169 hectares. Although the government initially stated the land filling would be completed by the end of March and plots handed over by June, the work remains unfinished. According to satellite photos, no land filling work has taken place since it halted in April, leaving 71 hectares of land remaining, with 98 hectares completed.