The Maldives government has issued an unbudgeted loan of MVR 650.7 million to Maldives Airports Company Limited (MACL) to fund reclamation of the Giraavaru lagoon for the Binveriyaa housing scheme.
The funding shift follows MACL assuming responsibility for the project, which has experienced repeated delays and an expansion of the reclamation area to 169 hectares. Several previous completion deadlines have been missed.
Officials have described the Binveriyaa initiative as a major public housing effort. The loan is intended to keep works moving while longer-term financing arrangements are finalised.
The decision comes amid ongoing public and political debate over large-scale reclamation and development projects. No detailed public breakdown of the full project cost or revised timeline has been released alongside the loan announcement.