The government has allocated MVR 10.5 billion in the proposed budget for next year for economic and industrial development.
Of this expenditure, MVR 5.3 billion was allocated for capital expenditure. The remaining MVR 5.2 billion was allocated for recurrent expenditure.
While MVR 1 billion has been allocated for land reclamation projects, MVR 792 million has been allocated for the Thilamale' Bridge project under the Greater Male' Connectivity Project. Next year, a total expenditure of MVR 792 million is expected to be incurred for the Thilamale' Bridge, including MVR 591.7 million in loan from the Exim Bank of India, MVR 182.3 million in a grant from the Government of India and MVR 17.9 million from the state budget.
A further MVR 734 million has been allocated for capital release, while MVR 686 million has been allocated for the Velana International Airport terminal project. Additionally, MVR 493 million has been allocated for pay harmonization, while MVR 422 million has been allocated for development projects in southernmost Addu City.
The Finance Ministry also allocated MVR 308 million for the Gulheefalhu Port Development Project, while MVR 218 million has been allocated for the Accelerating Renewable Energy Integration and Sustainable Energy Project. MVR 2.4 billion has also been included in next year's budget to address problems faced in entering and exiting islands.
The state has budgeted MVR 921.9 million in total for the Velana International Airport Terminal Development Project, Maafaru Airport Extension, M.Muli Airport Development, HDh. Hanimaadhoo and S.Gan International Airport Development.
In the current year's budget, MVR 8 billion was allocated for economic and industrial development.