MVR 650 million loan issued to MACL for Giraavaru project
The Maldives government issued an unbudgeted MVR 650.7 million loan to MACL to fund the Giraavaru lagoon reclamation project for the "Binveriyaa" housing scheme. This funding shift follows MACL taking over the project, which has faced multiple delays and an expanded reclamation area of 169 hectares despite several missed completion deadlines.
