Ministry of Economic Development
Development of a Residential City in K. Giraavaru Lagoon

Development of a Residential City in K. Giraavaru Lagoon

Pursuant to clause 4(b) of the regulation R-125/2022 (Cross-Subsidization of island/land/lagoon allocated for tourism), we invite interested parties to submit expressions of interest or proposals for financing the development a residential city in K. Giraavaru lagoon.

Following key points must be considered in submitting Expressions of Interest or proposal.

  1. The minimum amount that can be submitted for financing under this model is USD 5,000,000 (United States Dollars Five Million).
  2. All required sections of the “Application Form” attached with this announcement must be completed.
  3. Proposed financing will be set off against the acquisition cost, and any proceeds from committed financing exceeding the acquisition cost shall be set off against the lease rent as per regulation.
  4. This process shall be a continuing process and will remain open until its closure is publicly notified.
  5. Interested parties may submit the attached application form along with required documentation to the Ministry of Economic Development, via e-mail to [email protected] .


16 December 2022