The bidding process for the Gulhifalhu Commercial Port project is set to commence soon.
Financed through a substantial USD 1.4 billion credit facility extended by India to the Maldives, the Gulhifalhu Commercial Port initiative is set to receive USD 400 million of this allocation.
In an interview with the Economic Times, an Exim Bank official said the project's bidding process is set to commence before March next year. As the project is financed by India, only Indian companies can participate in the bidding.
A Danish company, Niraas, and a Dutch company, Maritime Transport Business Solutions (MTBS), are the consultants for the port development project, while Water Solution, Clear Reign Maldives, and Beachrock Venture will act as sub-consultants. The sub consultants are all local companies.
The existing commercial port in Male' will be phased out once the new port in Gulhifalhu reaches completion in 2026.