President Abdulla Yameen Abdul Gayoom Monday announced that the detailed master plan for the i-Havan for the Special Economic Zone (SEZ) would be completed in April.
The government in November awarded the creation of a master plan for iHavan, the integrated project to be operated in the northernmost Ihavandhippolhu atoll of the Maldives, to Singapore firm Surbana Jurong Pvt Ltd.
In his address to the parliament on Monday, president Yameen said the government was pushing through its efforts to establish the economic zones in the Maldives, announcing that i-Havan master plan would be completed by April.
"As soon as the master plan is done, we would initiate efforts to find the foreign investors for the project," president said.
The i-Havan integrated project will include the development of harbors and ports, the cargo storage areas, an international cruise facility, airport, as well as residential and commercial real estate.
i-Havan was one of the biggest projects announced by the President.
The government had formed a special law to kick off the SEZ initiative, with the minimum amount set at USD150 million. The Government had also initiated laws on insurance and banking services within the SEZ framework. The laws say that insurance service providers can begin services, with a reserve of MVR 10 million and MVR 60 million for banking services.
