The Government will allocate funding to private companies based on project progress and performance standards, Finance Minister Moosa Zameer has announced, in a move aimed at ensuring greater accountability and efficiency in development project implementation.

Speaking at the handover ceremony for newly awarded development projects, Minister Zameer stated that 206 projects have been assigned to private companies under the contractor-finance model. This approach allows banks to provide financing directly to contractors, enabling projects to progress at a pace that meets public expectations without relying solely on the State budget.

The Minister outlined the key objectives of the programme, emphasising sustainability, standardised evaluation systems, and clearly defined maintenance responsibilities within project agreements to ensure long-term upkeep. He noted that the initiatives are also expected to generate additional employment opportunities in the private sector.

Projects under this programme are structured so that funding is linked to performance standards set by the Government, combining speed with accountability. The scheme is designed to deliver tangible results that directly improve people’s lives.

Minister Zameer added that the projects will stimulate economic activity, benefit local businesses, and contribute to building a skilled and hardworking younger generation. He further highlighted the Government’s efforts to strengthen Maldivian businesses and reduce the outflow of foreign exchange.

All project agreements will include monitoring arrangements within the general investment framework, providing banks with assurance and facilitating financing for additional projects in the future.