Maldives Fund Management Corporation
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News$15 million submarine cable project stalls due to govt neglect
The $15 million OCM-IAX submarine cable project has stalled due to the current government's failure to secure operational funding. Despite a 2024 sovereign guarantee, the project remains inactive as the Maldives Fund Management Corporation faces mounting losses and debt. The cable's future is uncertain as officials seek new partners.
NewsGiraavaru reclamation unlikely to be completed by third deadline
The reclamation of Giraavarufalhu is unlikely to meet its third deadline of May 31 after the departure of all three Boskalis dredging vessels from the Maldives. Despite government assurances, only 98 of the planned 169 hectares have been completed, leaving the housing project for Male’ natives in a state of uncertainty.
