MVR 4.9 bln for MTCC's PSIP projects in 2023

The Maldives Transport and Contracting Company (MTCC) has allocated MVR 4.96 billion for Public Sector Investment Program (PSIP) projects in 2023, according to their financial report.

The majority of funds will be directed toward land reclamation projects, followed by airport and bridge development projects. In this regard, MVR 1.46 billion will be utilized for land reclamation projects, while MVR 921.8 million has been allocated for airport development projects. A further MVR 819.3 million has been allocated for bridge projects.

MTCC has predicted an increase in harbor upgrade projects amid a decline in the number of new harbor projects. The company expects to complete 93 projects it was undertaking at the end of last year by the end of the current year.

This year's state budget allocated MVR 8.5 billion for PSIP projects.