MINISTRY OF FINANCE AND TREASURY

MALE’

REPUBLIC OF MALDIVES

Press Release

Ref: (PR) 13-E1/13/2018/8                                                                            

Minister Munawar Secures $165 million for financing the Greater Male’ Environmental Improvement and Waste Management Project

At meetings held on 3^rd May 2018 at the side lines of the 51^st Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), Minister Ahmed Munawar has secured $165 million for financing of the Greater Male’ Environmental Improvement and Waste Management Project from various multilateral donors, which includes a 10-13% as government contribution.

Minister Munawar met with several high-level officials from the ADB, Asian Infrastructure Investment Bank (AIIB) and Islamic Development Bank (IDB) to confirm the commitment of these development partners to fund one of the most historic projects for the Greater Male’ region. AIIB and IDB, in addition to the Japan Fund for the Joint Crediting Mechanism (JFJCM), are among the co-financiers of this project that aims to provide an eco-friendly solution to waste disposal in the region.

Greater Male’ Environmental Improvement and Waste Management Project will establish a sustainable solid waste management system for all the inhabited islands and resorts in Kaafu, Alifu Alifu, Alifu Dhaalu and Vaavu atolls, in addition to the Greater Male’ region. The project will be implemented by Ministry of Environment and Energy, along with the Waste Management Corporation Limited.

Meanwhile, grant negotiations with ADB for Phase 1 of the Greater Male’ Environmental Improvement and Waste Management Project were successfully concluded on 2^nd May 2018 at the Ministry of Finance and Treasury, confirming US$40 million. The first phase aims to take immediate steps to contain the open burning in Thilafushi while Phase 2 of this project includes the establishment of a state-of-the-art waste management facility in Thilafushi, with technology to convert waste to energy.

Phase 1 of the Greater Male’ Environmental Improvement and Waste Management Project is expected to begin in July 2018. The government is confident that open burning in Thilafushi can be prevented once and for all by the end of this year, with the implementation of Phase 1 of the project. Additionally, the government will begin reclaiming 10 hectares of land in Thilafushi in early May, for the project. Phase 2 of the project is expected to begin implementation in early 2019.

During the meeting between Minister Munawar and the ADB Team, President of ADB, His Excellency Takehiko Nakao reaffirmed ADB’s support to Maldives’ economic and social development, and further assured the Minister of ADB’s assistance for Maldives in providing additional development financing through concessional loans, specifically for mega projects. The minister also met with the Vice President of ADB, Mr Wencai Zhang; and Director General, Mr Hun Kim.

Minister Munawar was joined by Permanent Secretary, Ahmed Mazin and Project Analyst, Aishath Zara Nizar during his visit to Manila, Philippines to attend the ADB Annual Meetings, held from 3 to 6 May.

6^th May 2018