The Economic Ministry today signed an MoU with Dubai's International Free Zone Authority (IFZA) to develop and operate areas designated as special economic zones (SEZs) by the current government.
Under the MoU, IFZA is to develop the "Maldives Economic Gateway" in Ihavandhippolhu and a "Special Economic and Financial Services Zone" in Kaafu Funadhoo.
At a special ceremony held today, Chairman Martin Peters signed the MoU on behalf of IFZA. Economic Minister Mohamed Saeed signed for the Maldives government.
Speaking at the function, Minister Saeed said he believed an agreement would be reached with IFZA in no more than five months.
"With that, work will be carried out on building financial centers in the north and in Funadhoo," he said.
The Maldives International Financial Services Authority established by the current government has started working with the State Trading Organization (STO) to prepare Funadhoo, Saeed said. STO's fuel farm on the island is to be relocated to Kaafu Maagiri lagoon.
Saeed said construction of the building needed for the financial center could begin then. Along with the building, Saeed said the Funadhoo-Male'-Hulhule'-Hulhumale' bridge to be developed under the project will also be completed during the government's five-year term.
According to the government, IFZA will finance the entire project. The company will also undertake investment finance work and seek investors for the Ihavandhippolhu project.
