President Mohamed Muizzu declared on 28th January 2025, that the Maldivian government is in talks with the Bank of Maldives (BML) to offer low-interest loans for the development of land designated for tourism.
The president emphasized the value of tourism for the island’s economic growth when speaking during his visit to Haa Alif Filladhoo. He pointed out that because of Filladhoo’s size and potential, the growth of the tourism industry is essential to boosting the local economy.
The president described how the government intends to assist those who have been given land for the development of tourism through council initiatives.
“The government is working with the Ministry of Finance and BML to make financing more accessible. The finance minister informed me that the proposed interest rate will be 3% lower than the current rates. This process is nearing completion, and we hope this will accelerate the development of tourism on allocated lands,” the president said.
In order to maximize the potential and impact of the airport, he also emphasized the nearing completion of the HDh. Hanimaadhoo international airport project and the significance of tourism growth in the northern provinces.
In order to establish Filladhoo as a center for regional economic activity, the government’s goal places equal focus on tourism and fishing. Additionally, President Muizzu said that additional resorts would be built on the lagoons of Kelaa and Vashafaru in Haa Alifu Atoll. Tourism development has also been given priority at Naagoshi in Haa Dhaalu Atoll, which was leased to Maldives Transport and Contracting Company (MTCC) in 2006.
The integration of the northern four atolls into a single development zone, encompassing tourism, fishing, and auxiliary infrastructure, is part of the larger regional strategy. The government has committed to updating vital infrastructure, such as Filladhoo’s roadways, which are now vulnerable to flooding during periods of intense rainfall, in order to support this objective.
President Muizzu added to the economic momentum by launching the “Magey Solar” project in Filladhoo, which uses renewable energy to lower family electricity costs. 748 homes will have solar systems with capacities ranging from 3 to 5 kW installed as part of the project; payment arrangements and prices will be made affordable.
According to Climate Change Minister Thoriq Ibrahim, the project, which was backed by the Asian Development Bank (ADB) and a collaboration with Fenaka Corporation, would save a substantial amount of energy. “Many households could have zero electricity bills if the solar system works as planned,” the minister said.
