Malé, Maldives – Addu Reclamation Project is set to be implemented as the last date for bid submission for the tender floated by Ministry of Finance, Government of Maldives is set on June 15, 2021.
Four international dredging companies are bidding through their Indian subsidiaries. The bids will be evaluated technically and financially by the Government of Maldives before awarding the project. The award of the project is likely to happen in 4-5 weeks after bid submission.
The project estimated at approximately USD 70-75 million subject to final tendered costs is expected to be completed in 24 months.
In order to preserve and protect the natural environment, a one-off land reclamation and shore protection project is proposed to create a land area of approximately 228 hectares. The proposed reclamation for purposes of residential, commercial, and industrial development is estimated for Hithadhoo, Hulhudhoo/Meedhoo (38 hectares including two island resorts of 5 hectares each), and Maradhoo/Maradhoo-Feydhoo (75 hectares).
The reclamation of land in Addu is an important pledge of the Government of President Ibu Solih.In order to boost the economy and attract private investments into Addu City through tourism, fishing, retail and wholesale trading, the Government of Maldives has embarked on the “Addu Development Project (ADP)”. The city has the potential to become a modern economic hub in the South of Maldives.
The Consultant for the project, M/s L&T Infra Engineering Ltd. in JV with LEA Associates South Asia Ltd., was chosen by the Government of Maldives after a tendering process carried out by the Ministry of Finance. While the tender documents were prepared through consultations between the Government of Maldives and the EXIM Bank of India, the Detailed Project Report (DPR) has been approved by technical authorities in the Maldives government.
The final tender for selecting the Engineering Procurement and Construction (EPC) contractor (s) will be issued by the Government of Maldives. The terms and conditions of the Line of Credit are available on the EXIM Bank of India website and include a 1.75% interest rate and 5 year grace period with a 20 year repayment tenor. This Indian Line of Credit project mandates that 55% of the project components are sourced from India.