The government has provided a guarantee for a MVR 200 million loan from the Housing Development Corporation (HDC), sourced from Habib Bank.

This loan will finance the second phase of the Thilafushi project.

According to HDC, the funds will cover 25 percent of the advance payment required for the project. The initiative involves reclaiming 150 hectares of land and planning coastal protection measures in the area. Additionally, the project will segment the reclaimed land into six zones designated for industrial activities, including the establishment of a liquefied natural gas plant.

The public accounts committee reviewed the loan during a meeting held today.