Minister of Finance and Treasury Ahmed Munawwar has secured USD 165 million to finance the Greater Male' Environmental Improvement and Waste Management Project.
At the meetings held on the sidelines of the 51st Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), Finance Minister Ahmed Munawwar has secured USD 165 million from various multilateral donors, to finance the Greater Male' Environmental Improvement and Waste Management Project , which includes a 10-13 percent government contribution.
Minister Munawwar met several high-level officials from the ADB, Asian Infrastructure Investment Bank (AIIB) and Islamic Development Bank (IDB) to confirm the commitment of these development partners to fund one of the most historic projects for the Greater Male' region. AIIB and IDB, in addition to the Japan Fund for the Joint Crediting Mechanism (JFJCM), are among the co-financiers of this project that aims to provide an eco-friendly solution to waste disposal in the region, according to Finance Ministry.
Greater Male' Environmental Improvement and Waste Management Project will establish a sustainable solid waste management system for all the inhabited islands and resorts in Kaafu, Alifu Alifu, Alifu Dhaalu and Vaavu atolls, in addition to the Greater Male' region. The project will be implemented by Ministry of Environment and Energy, along with the Waste Management Corporation Limited.
Meanwhile, grant negotiations with ADB for Phase 1 of the Greater Male' Environmental Improvement and Waste Management Project were successfully concluded on May 2, 2018 at the Ministry of Finance and Treasury, confirming USD 40 million in funds.
During the meeting between Minister Munawar and the ADB Team, President of ADB, Takehiko Nakao reaffirmed ADB's support to Maldives' economic and social development, and further assured the Minister of ADB's assistance for Maldives in providing additional development financing through concessional loans, specifically for mega projects. The minister also met with the Vice President of ADB, Wencai Zhang; and Director General, Hun Kim.