Maldives signs contract with JV of Indian companies for development of Addu

Maldives government has signed a contract with a joint venture of Indian companies. The contract aims to prepare project report and the development of Addu, which is the second biggest city in the island nation. The contract was signed L & T engineering limited and Lea associates south asia for the Addu Road and Reclamation Project. The project includes land reclamation, construction of roads and storm water drainage system in Addu. This will upgrade existing infrastructure and mitigate the flood situation in Addu.

Financing of the project will be done by EXIM bank of India through line of credit of USD 800 million.

Source: The DD News

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