Seeking investors for lagoons and islands to fund waste management

WAMCO has announced that they are seeking investors to develop lagoons and uninhabited islands to fund waste management on some islands.

On August 3, WAMCO announced bids are open for two such places: part of the lagoon of K. Himmafushi and an uninhabited island near K. Guraidhoo.

As per the announcements, the locations will be given for development on a contractor financing basis. The bid winners must undertake planning, design and development. The announcement further stated that neither WAMCO nor the councils will spend on the development of these places.

The announcement calls for parties interested in developing the Himmafushi lagoon and the island near K. Guraidhoo, Lhosfushi, must submit bids before August 28.

WAMCO Managing Director Mujuthaba Jaleel said that the company is aiming to provide the service of waste management on islands without relying on government subsidies. To achieve this, WAMCO is seeking lagoons and land to offer up for private investments.

"We are seeking the land on a business model. It's not WAMCO that will invest in these places and operate them. It's up to those who win the bid to operate them. They will have to give part of the revenue generated from this to WAMCO. We at WAMCO are not planning to operate guesthouses," Mujuthaba said.

"Our plan is to conduct waste management on the island through rent received from these places."