Discussions under way with Exim banks to develop incomplete resorts

Ministry of Tourism has said that discussions are under way with Asian Exim Banks to obtain finance for the development of unfinished resorts.

Tourism Minister Ahmed Adheeb said in an interview with Sun Online that over 50 resorts remain incomplete due to financial constraints, and discussions in this regard are under way between the Tourism Ministry and Exim banks of India, Thailand and China.

“The problem is that local banks do not have the money. It’s not easy to develop a resort - it’s a huge investment for which there is not enough money in local banks. We are trying to solve this problem,” he said.

Adheeb said that discussions are focused not only on obtaining finance from the banks; rather, foreign investors are also being encouraged to invest in these Maldivian resorts.

He said that most investors want to invest in new resorts.

Tourism Ministry’s statistics show that out of the 63 islands leased for resort development in 2004, only 14 resorts have been completed; and out of the 26 islands leased over the past three years, only one resort has been completed.

Tourism Ministry has opened 14 additional islands for resort development.

Adheeb said that more islands are being opened for resort development to facilitate regional development, in the regions where more resorts need to be developed according to the tourism plan.

He stressed that current investors will not be affected by the additional islands opened for resort development.

Adheeb said that the new resorts will be leased to those who propose the highest prices, and checks will be conducted to ensure that they have the financial capacity to develop resorts.

The new islands for resort development are R. Fasmandhu, Lh. Ukolhu sandbank, V. Bodumohoraa, M. Dhihthundi, L. Hulhiyandhoo, L. Olhutholhu, L. Uvadhevifushi, Ga. Bihurehaa, Ga. Bodu Bondeyyaa, Ga. Falhuvehrahaa, Ga. Maamutaa, Ga. Lhossaa, Gdh. Kannigillaa and Gdh. Rahadhuvaa.