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Maldives Fund Management Corporation (MFMC) signed an agreement with Atoll Works Private Limited yesterday, marking a significant step towards the dredging, reclamation, and shore protection of 16 islands within K. Gaafaru lagoon.
The project includes the reclamation of an additional 40 hectares of land on Gaafaru island, bringing the total reclamation area to 106.91 hectares.
Valued at $36.5 million, the program encompasses dredging, reclamation, and shore protection, with $29.2 million allocated specifically for the dredging of 3,747,792 cubic meters of sand at a competitive rate of $7.80 per cubic meter.
The project is set to proceed under a contractor financing model, facilitating swift resource mobilization and initiation of the reclamation works.