$150 million loan to be obtained for the construction of a bridge between Hulhule

Discussions are under way with Turkey’s Exim bank to obtain a $150 million loan for the construction of a bridge between Male’ and Hulhule’.

Finance Minister Abdullah Jihad told Sun Online today that the discussions on this plan have been ongoing for a long time, and that efforts are now under way to commence work on the project.

“We are presently in discussion with Turkey’s Exim bank to obtain a $150 million loan for this project. The decision has been made to travel to Turkey for this purpose. But the loan is not yet confirmed,” he said.

Housing Minister Dr Ahmed Muizzu and senior officials of Finance Ministry will join the Finance Minister in these discussions. Jihad said that it is likely that finance can be obtained for this project.

“This is a very important project. We have detailed plans, which we will present to them,” Jihad said.

The decision to build a bridge across the sea between Male’ and Hulhule’ was made in December 2011. The previous government estimated that $70 million to $100 million will be spent on the project. The purpose of the project is to find a solution to the problem of congestion in Male’.