President Dr Mohamed Muizzu has announced that discussions are underway with the Bank of Maldives (BML) to secure financing for the development of Haa Alif Naagoashi, an island long designated for a resort project.

Speaking at Filladhoo, during his three-day official visit to Thiladhunmathi Atoll, the President outlined his Administration’s vision for regional economic development and assured residents that addressing the delays surrounding Naagoashi is a priority.

The island was first allocated to the Maldives Tourism Development Corporation (MTDC) in 2006, but several attempts to develop it have faced setbacks.

Initially subleased to a Russian company, progress came to a halt during the 2012 financial crisis. Subsequent partnerships, including one with a US-based company in 2015 and another with a Dubai-based company in 2021, also failed to materialise.

The President stated that his Administration is now focused on collaborating with the Bank of Maldives to secure financing and move the project forward, with the goal of transforming Naagoashi into a functioning resort and fulfilling the aspirations of the local community.

While addressing Naagoashi’s stalled development, the President also highlighted the Government's efforts to support the broader growth of local tourism across the Maldives.

He noted that discussions with financial institutions to reduce interest rates on loans for tourism development are nearing completion. The revised rates are expected to be significantly lower than those currently available for commercial projects, which could encourage investment in local tourism initiatives.

In addition to financial support, the President stressed the importance of ensuring that land allocated for tourism purposes is equipped with essential infrastructure. The Government, he explained, will assist in providing services such as water and sewerage systems to make these projects viable.

On Filladhoo , the President outlined plans to modernise infrastructure, with road improvements identified as a priority to support the island’s development. During his visit, he attended a foundation stone-laying ceremony for a new council office and formally launched the Magey Solar initiative, aimed at promoting renewable energy initiatives.