President Dr Mohamed Muizzu has announced that all development projects awarded to private companies must commence within 21 days, assuring that there will be no financial obstacles to delay implementation.

The announcement was made at a ceremony held at Barceló Nasandhura, where the government officially handed over 206 development projects to 53 private companies.

The President stated that awarding projects to private companies will boost economic activity, particularly benefiting those in the construction sector. He noted that the companies selected are financially capable and have a proven record of reliability, with no outstanding audit concerns.

He emphasised that the projects were structured to ensure smooth financial operations, minimising the likelihood of payment delays from the government. Each company is expected to carry out its work in accordance with the agreed terms.

According to the President, the government’s broader aim is to empower individuals and strengthen financial stability across the country by accelerating infrastructure development and promoting private sector growth.