The government issued an MVR 650.7 million loan from the state budget to Maldives Airports Company Limited this year to fund land reclamation at Giraavaru Falhu.
The figure appears in revised expenditure estimates for the current year but was not included in the originally approved 2026 budget. The initial budget had provided for a much smaller treasury loan of MVR 231.3 million, intended for a different purpose; that allocation was dropped and overall treasury loans rose to MVR 840.2 million, which also included support for Fenaka Corporation.
MACL assumed management of the Giraavaru project after the change of government. Work had stalled under the previous administration after roughly 56 hectares were reclaimed of an initial target. The current plan covers a larger area of about 167 hectares for residential plots under the Binveriyaa housing scheme.
Reclamation resumed earlier this year and has now reached 115 hectares, or 68.8 percent of the revised target. MACL has not announced a firm completion date.
The loan is listed as current-year expenditure in the budget documents.
