The government has issued an unbudgeted loan of MVR 650.7 million to Maldives Airports Company Limited this year to finance the reclamation of Giraavaru lagoon.
The funds support the project under which land plots have been allocated under the Binveriyaa housing scheme. MACL took over the works after earlier delays under the previous administration and has reported that 115 hectares, or 68.8 percent of the 167.15-hectare target, have now been reclaimed.
The reclamation originally began in 2023 under the Maldives Fund Management Corporation. Work stalled after the change of government and was restarted by MACL in January 2026. Completion timelines announced by the President have been revised several times.
Housing officials have said plot registration and handover will proceed once reclamation is finished. The loan is part of broader efforts to accelerate land allocation for Maldivian families in the Greater Malé area.
