Male’ City Council to implement project worth at least MVR 1.5B

The Malé City Council has incorporated a major project valued at at least MVR 1.5 billion into its Development Plan under the medium-term financial framework.

According to the Development Plan presented during a council meeting last night, financing for the project is expected to be secured through open opportunities for private sector investment.

The plan includes the construction of parking structures, housing developments, sea terminals, parks, public spaces, and commercial buildings.

The plan also sets out strategies to strengthen the council's revenue base, including the development and implementation of a base-rate framework for leasing council-owned land and properties.

Under the council's medium-term financial development plan, a reserve fund will be established to invest in income-generating initiatives. The council stated that the measure is intended to create a sustainable source of revenue for the institution.

In addition, the council has proposed investing in renewable energy as part of its efforts to optimize financial resources and reduce electricity-related expenditure.

To address the year-on-year rise in administrative operating costs relative to the budget, the plan introduces a series of cost-reduction measures. Among these is the development and implementation of a "digital-first" policy across the council's administrative operations to enhance efficiency and reduce overhead costs.