206 projects signed under contractor-finance model worth MVR 2.7 billion

The Ministry of Finance has announced that 206 development projects awarded to 53 private Maldivian contractors on Thursday are worth a total of MVR 2.7 billion.

The agreements were signed at a ceremony held at Barceló Nasandhura in Malé. The projects will be implemented on a contractor-finance basis under the government’s Public Sector Investment Programme (PSIP).

According to the Ministry of Finance, the projects focus on improving services and infrastructure in islands and increasing private sector participation in national development.

The projects are distributed across multiple sectors as follows:

Housing and Urban Development: 13 projects worth MVR 997.38 million

Religious Affairs: 14 projects worth MVR 196 million

Homeland Security: 39 projects worth MVR 114.99 million

The Ministry stated that all projects will be executed through government-approved PSIP contracts under the investor-finance model for domestic contractors. Payments to contractors will be made following verification of project progress.