Maldives cancelled its Biggest Foreign Investment Project with GMR Group

Nov 28, 2012, 16:15 IST

International Current Affairs November 2012. Maldives cancelled its biggest foreign investment project with Indian firm GMR Group to develop its international airport

Maldives cancelled its biggest foreign investment project with Indian firm GMR Group to develop its international airport. The total value of the project was 511 million dollar. The deal with the GMR was signed during former President Mohamed Nasheed's administration. Prior to this, a competitive bidding process was conducted by the World Bank's International Finance Corporation (IFC). The project was implemented through a joint venture company comprising GMR Infrastructure Limited and Malaysia Airports Holding Berhad.

However the contract was termed invalid by the new regime as it included a 25 dollars airport development charge per outgoing passenger. This was not authorised by the Parliament of Maldives.

Jagran Josh
Jagran Josh

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