Maldives Transport and Contracting Company (MTCC) has allocated MVR 308.1 million on port development projects, as part of its Public Sector Investment Program (PSIP) 2023. The total allocation for PSIP this year is MVR 4.9 billion, according to MTCC’s financial reports.
Majority of funds will be directed toward land reclamation projects – MVR 1.46 billion. This is followed by airport development (MVR 921.8 million), bridge construction (MVR 819.3 million), water and sewage projects (MVR 643.8 million), coastal protection (MVR 411.9 million), and harbour development (MVR 394.9 million).
MTCC has predicted an increase in harbor upgrade projects amid a decline in the number of new harbor projects. The company expects to complete 93 projects of 2022 before the end of this year.
MTCC’s financial records for 2022 also revealed the highest revenue in its 42-year history, with a total revenue of MVR 2.47 billion.