Construction and Infrastructure Minister Dr Abdulla Muththalib has said the Rasmale reclamation project will cost a total of $330 million.
Speaking at the "Ahaa" forum, the minister responded to questions about the project's cost and shared detailed figures. He noted that earlier estimates had ranged between $500 million and $700 million, based on protecting the reclaimed area at then-prevailing market rates.
Work on the reclamation is expected to be completed by the end of this year, though a small portion may remain. Reclaiming 1,000 hectares will cost $330 million, or about $150 million for 500 hectares, he said.
Muththalib said opposition claims that the project is very expensive are intended to create fear among the public. He added that payments have already been made in Maldivian rufiyaa as well.
The project has attracted criticism over plans to grant permanent land rights on part of the reclaimed area to a company under a model that allows indefinite renewal of leases.
The minister's figures provide a clearer picture of the scale of spending on the major reclamation effort.
