The second phase of the Hulhumalé land reclamation project will cost US$ 22 million less than expected and will now amount to US$50 million, Tourism Minister Ahmed Adeeb has said.
Speaking to Haveeru, Adeeb said the cost of the project had been reduced after President Abdulla Yameen held direct discussions with the dredging companies. Land reclamation began last night (January 10).
“Reclaiming the land and the revetments will now be completed at US$50 million after ceaseless effort by President Yameen. He held many discussions with the current contractor Belgium Dredging International to bring the price down,” said Adeeb.
Adeeb said Yameen had secured the US$30 million loan from Bank of Ceylon to finance the project.
Hulhumalé phase one reclamation saw 188 hectares of land reclaimed to house a population of 60,000, while the second phase aims to house 100,000 residents.