MVR 80 million has been taken from the SME bank has been allocated to Addu City’s tourism development, says Minister of Economic Development Fayyaz Ismail.

Speaking to the Addu City Council on Thursday, Minister Fayyaz said the government will be developing four areas in Maldives as part of their economic development of urban centers, which includes Addu City.

Minister Fayyaz estimated that the projects will cost around USD 300 – 500 million and that loans have been taken from the EXIM bank for some projects, which have been delayed due to processing.

However, he said that MVR 80 million taken from the SME bank has been allocated for the development of Addu City’s local tourism industry and that it has the potential to increase capacity by 600 beds within a year.

Minister Fayyaz also said that the government will be seeking consultants to draft the Master Plan for Addu City’s development.