Posted on May 13, 2024
A private company has been awarded the dredging and revetment of 16 islands in the K. Gaafaru lagoon. Government company, the Maldives Fund Management Corporation awarded the project to Atoll Works Pvt.
Of the 16 islands to be dredged under the project, 14 will be private islands while the remaining two are earmarked for luxury resort development under the Integrated Tourism Development Concept. A total of 106.91 hectares of land will be dredged under the project, including 40 hectares of land for the use of the people of Gaafaru island.
A total of US$29,232,774 will be allocated for dredging purposes and US$36.5 million for revetment. According to Maldives Fund Management Corporation, the project will be carried out on a contractor finance basis, eliminating the need for advance payments. Therefore, the practical work of the project will kick off very soon.
The cost of the project is to be paid by the Fund Management Corporation to the contractor from the revenue generated from leasing the dredged islands.
