Some contractors have told Adhadhu that they have yet to begin work on the projects worth MVR 2.7 billion distributed to private companies linked to government officials because the bank has yet to facilitate the funds.

The projects were awarded under the contractor finance model, with loans guaranteed from the Bank of Maldives (BML) to the contractors. The government agreed to repay later.

At an event on November 6, the government wanted to set a national record by awarding projects in 123 islands to 53 different companies. The projects were distributed without a tender.

Speaking at the ceremony, President Mohamed Muizzu said all arrangements have been finalized and that the people will see project work beginning islands within 21 days of signing the contracts.

"The agreements state these companies will mobilize within about 21 days. For that, the banks and the Finance Ministry should finalise matters soon. Things for the next stage are being done too," he said.

"So, in the next 21 days, I'm sure you'll see in the islands that work is starting for this in these 123 island," he said.

However, 21 days have passed, excluding holidays, with no work ongoing in most islands. Sources told Adhadhu on condition of anonymity that the work has not started due to a lack of funding from BML.

According to the contractors, the agreements state that the projects will be carried out with the government as the guarantor and the bank providing the funds. The contractor is responsible for the loan.

There are major concerns over the plan to provide funding to these projects. The biggest allegation is that the bank was trying to bypass its procedures to ensure loans for these companies.

But BML has denied the allegations. The bank said in a statement that the loans for these projects will be conducted in accordance with the rules and regulations and international standards.

Many of the projects were awarded to government-affiliated parties. Among them, companies belonging to five ruling party MPs were awarded projects amounting to MVR 746 million.

Some companies were also not listed on the government's register and have no past experience or proof of carrying out projects.