WAMCO has announced a search for parties willing to invest in and develop lagoons of some islands and uninhabited islands on a commercial basis to raise funds needed for waste management in inhabited islands. The company has invited bids for two such locations on the 3rd of this month. These are a part of K. Hinmafushi lagoon and K. Lhosfushi, an uninhabited island near K. Guraidhoo. Both announcements state that these locations are being offered for development under a contract financing model. The planning, design design, and development of these areas must be undertaken by the successful bidder, and neither WAMCO nor the councils will incur any expenses for their development, as stated in the announcements.
The announcements indicate that interested parties should submit their bids for developing Hinmafushi lagoon and Lhosfushi before the 28th of this month. Regarding these announcements, WAMCO’s Managing Director Mujtaba Jaleel told “Mihaaru” tonight that the company has decided to find a way to provide waste management services for islands on a commercial basis without government subsidies. Therefore, they are seeking land and lagoons from islands to find investors who will invest in these areas on a commercial basis, he said.
“We are seeking land on a commercial basis. WAMCO won’t be operating the investments made in these areas. It’s up to the party who wins the bid to operate the place. They need to give a portion of the profits to us at WAMCO. We at WAMCO are not trying to run guesthouses,” said Mujtaba. “We are trying to find a way to manage the waste of that island with the rent received from that place.”
