The government is seeking a loan from the Bank of Ceylon for the second phase of the Hulhumalé development project, reports local media.
“We are going through the terms of the loan deal, assessing all conditions and in discussion with them. The State is of the mind to continue this project with own finances,” Managing Director of Housing Development Corporation Suhail Ahmed told Haveeru.
The development had previously been one of five mega-projects pitched to international investors at a landmark forum in Singapore in April. The cost of the project has been estimated at US$60 million.
After having reclaimed 188 hectares of land during the first phase of development between 1997 and 2002, the next stage is set to add another 230 hectares to the northern side of the Maldives’ first fully reclaimed island.
Potential investors in Singapore were made aware of President Abdulla Yameen’s plans to develop the island into a ‘youth city’ with a population of 50,000, which will include a “technopolis park” to facilitate light industries.
The construction of the long-awaited bridge between Malé and Hulhumalé is also planned to further open up economic opportunities in the reclaimed island city.