The Maldives government has decided on reallocating funds acquired for Gulhifalhu port development project, to other initiatives.
The decision to develop a commercial port at Gulhifalhu was formalized during the previous government. The idea has been scrapped in favor of positioning the harbor in Thilafushi; the industrial island west of ViliMale’.
Following this, the current administration announced the funds, secured through India’s EXIM Bank, for the project will now be allocated to other developmental initiatives in the country.
The USD 400 million required for the project was arranged from the USD 800 million Line of Credit issued by the Indian EXIM Bank.
Plans for port development in Gulhifalhu was scrapped after the Muizzu Administration designated the island to be developed for residential purposes, and revert the port to the industrial island of Thilafushi; as was the original plan.