IFC consortium to invest in Maldives' housing sector

IFC, a member of the World Bank Group, the Asian Development Bank, and HDFC Investments, a subsidiary of HDFC, are investing in Maldives to help reduce the country's severe housing shortage.

The equity and loan investment package will enable privatisation of state-run Maldives' Housing Development Finance Corporation and transform it into a commercially viable private sector-led company, a press release issued here today said.

The equity component of the package is around $12.75 million. IFC and ADB will each invest around $4.5 million, while HDFC Investments will invest $3.75 million, the release said, adding that IFC and ADB will also provide a $7.5 million loan each to support the project.

There is an urgent need for housing in Maldives, which faces a growing population and pressure on limited land resources.

HDFC-Maldives was established by the Maldives government in 2004 to provide long-term mortgage financing, the release added.

Source: economictimes.indiatimes.com

Damen cutter suction dredger for the Maldives

Damen in The Netherlands reports that a Damen CSD250 cutter suction dredger has been delivered to the Maldives.

The population of the Maldives not only earns its living from the tourist industry, but also in fishing. There are many small fishing harbours, which need periodic maintenance.

The DAMEN CSD250 cutter suction dredger consists of a main pontoon, two side pontoons and the cutter ladder. It can be shipped in two 40ft containers.

The dredger works at a maximum dredging depth of 6m, using its 40kW 'pick point' cutterhead. The dredge pump, a type BP2320, is equipped with a mechanical shaft seal and wear resistant cast parts. The dredge pump mixture capacity is some 1,000m3/h.

The dredger is powered by a 254 kW Caterpillar engine, a type C12 TA. The dredger, made for one-man operation, has a spacious operating cabin with extended rooftop and tinted sloping windows for minimal sun reflection and good view on the deck equipment.

The owner of the dredger, the Department of Public Works of the Maldives, already owns a number of dredgers. These larger dredgers have been used to create the various fishing harbours on the many islands in the Maldives.

The CSD250 is currently being shipped, together with two 40ft containers with floating HDPE and flexible floating pipelines.

As soon as the containers have arrived, Damen's service engineer will travel to the Maldives to assemble the dredger and to train the crew.

Source: sandandgravel.com

An Unloved New Island in Maldives

A group of Maldivians disembark from a ferry at Hulhumale jetty, Hulhumale, Maldives, Friday, Jan. 11, 2008. With a desperately overcrowded capital hemmed in on an island, the Maldives thought it had a can't-miss solution: build another island. (AP Photo/Eranga Jayawardena)

Running out of space in its crowded capital, this republic of 1,200 islands thought it had a can't-miss solution: build another island.

Planners weren't discouraged when people started eating the freshly planted palm saplings, or called the new island an ugly misfit among the picture-perfect beaches of their Indian Ocean archipelago. One day, they told themselves, the new island called Hulhumale would have it all: leafy streets, an artificial beach, a marina for megayachts, a luxury hotel and an entertainment strip. [Read More from ABC News]

Kerala firm inks deal with Maldives Ports Authority

Technopark-headquartered IBS Software has signed a deal with the Maldives Port Authority to implement and maintain iPort, a port operations management solution.

iPort, developed by IBS, will optimise the management of core port and marine operations at Male port, reducing throughput time of vessels and cargo.

In a press release Friday, IBS said that its iPort was selected for port operations after an international bid and detailed evaluation.

V.K. Mathews, chairperson and CEO of the group, said their experience and expertise in the transportation and logistics was their key strength behind building functionally and technologically superior software products.

"We are certain that iPort will ensure improved service levels and revenue. We look forward to a long-lasting relationship with the Maldives Ports Authority," said Mathews.

iPort is a comprehensive and fully-integrated port operations management solution that supports the entire gamut of port operations, ranging from marine operations, cargo and container operations, yard operations, cargo delivery to billing of all services rendered by the port.

iPort currently manages three ports under the Sharjah Ports Authority.

Mahdi Imad, managing director, Maldives Port Authority, said iPort would help them manage their resources optimally while helping them adapt to changing business needs.

IBS group is a leading provider of new-generation IT solutions to the global travel, transportation and logistics industry.

A specialist in the domain, IBS offers a range of products that manage mission-critical operations of major airlines, airports, oil and gas companies, seaports, cruise lines and tour operators worldwide.

Source: Kalinga Times

UN keen to find common formula for rich and poor

The United Nations aims to launch a two-year drive at talks in Bali to bind rich and poor nations to a global fight against climate change. But the problem will be finding a common formula.

The negotiating platforms for the main groups at the climate talks, that began yesterday and run until December 14, are:

UNITED NATIONS
The UN's latest Human Development Report included some of the strongest calls yet for collective action to avert climate change, which would disproportionately affect the poor.

DEVELOPING NATIONS
China, the world's No 2 carbon emitter, says rich countries are responsible for most of the world's greenhouse gas emissions and they should take the lead in cuts. Many other developing nations, including India and Brazil, share a similar stance.

INDUSTRIALISED NATIONS
United States President George W. Bush opposes the Kyoto Protocol, saying it unfairly omits 2012 emissions goals for developing nations and would damage the US economy.

The new leader of Australia, the world's top coal exporter, says his government will now ratify Kyoto as fast as possible. Kevin Rudd will go to Bali to take part in negotiations.

EUROPEAN UNION
The EU has committed to reducing greenhouse gas emissions by at least 20 per cent by 2020 compared with 1990 levels.

ISLAND NATIONS
The Maldives and other island states want the UN to assess if a link exists between failure to tackle climate change and human rights.

- Reuters

Maldives borrows US$30mn from HSBC

The Maldivian government has secured a 30 million dollar commercial loan from the global banking giant HSBC to rebuild harbours, a senior minister said Tuesday.

The money will be used to repair jetties damaged by the December 2004 tsunami that cost the atoll nation nearly two thirds of gross domestic product (GDP), Finance Minister Gasim Ibrahim said.

The tsunami damaged 20 islands -- a 10th of the 200 inhabited islands in the Maldives. Almost a third of the country's 369,000 Sunni Muslims were also directly affected by the destructive waves.

"We got about 400 million dollars in international aid, but we are still short of about 70 to 80 million dollars to complete projects related to fishing and transport," Ibrahim told AFP by telephone from the capital island Male.

Maldives imports virtually everything ranging from oil to timber and Ibrahim said the post-tsunami phase is facing cost overruns.

The eight-year loan from HSBC carries an interest rate of 2.25 percent over the London Interbank Offered Rate, or LIBOR, he said.

In 2002, the government borrowed 10 million dollars from HSBC to finance the nation's second international airport on Gan island, which opens in November.

Meanwhile, Maldives has appointed international credit rating agency, Standard and Poor's, to rate its credit worthiness.

A sovereign, or country rating serves as an indication of a nation's ability to repay its debt and is a key requirement to raise money from the international capital markets.

Maldives has never defaulted on debt and the country enjoys the region's highest per capita income of 2,674 dollars.

About 700 kilometres (435 miles) southwest of Sri Lanka, Maldives is a string of 1,192 coral islands scattered across the equator. Eighty-nine coral islands have been developed as exclusive tourist resorts.

Source: LBO

Ross Philips donating $5,000 to Care Society Maldives

After 11 years of running surfing adventures to the Maldives through his company Tropicsurf, Sunshine Coast surfer Ross Phillips is finding even more fulfillment from his day job….only this time it’s not from the thrill of riding those perfect waves, but giving back to the place that has given him so much over the last decade.

Just last week (Tuesday 11th Sept) Phillips and Mohammed ‘Fittey’ Fayyaz (Tropicsurf Maldives General Manager) met with founding directors of Care Society Maldives, Fathmath Afiya and Ijazulla Abdulla to commit a US$5,000 donation to assist with program implementations.

Ross Phillips, (39yrs, Sunshine Beach, Qld) started out 20yrs ago coaching through the Surfing Queensland Coaching Course accreditation system. A short time later he developed the www.surfbetter.com business model and formed a partnership with ASP WCT World Champion Mark Occhilupo and ASP WCT Womens Runner Up Serena Brooke to create a self help DVD titled “Surfing Made Easy”.

Harbouring a fervent desire to travel and discover new territories on the surfing front, Ross formed Tropicsurf in January 2002 with business partner Vic Kavals which as he recalls evolved from his Wavesense Coaching business. “The whole Tropicsurf concept just grew from the existing business, from our passion to go surf waves in idyllic locations while helping our guests improve their skills and maximize the whole experience, sharing what we loved doing with others was such a catalyst for where we are today”, said Ross.

Over the years spent defining Tropicsurf some wisdom was gained through the unexpected agony here and there, but the dream always shone bright and today, after learning priceless lessons from seaplane charter operations to local fresh produce market procedures, Tropicsurf is in the top echelon of global surfing adventures and boasts a list of clientele including high profile executives, Hollywood celebrities, sport stars and royalty.

It goes without saying that having spent so much time in one of the world’s most beautiful locations, Ross, his wife Di and business partner Vic Kavals have been moved emotionally by the their own experiences in the Maldives region. As the saying goes - ‘Passion drives Progress’ and their combined passion has seen them decide to assist in helping local communities, some of which are still struggling to rebuild after the tsunami devastation on Boxing Day 2004.

“This is something that we have really wanted to do for some time and having full trust in the Care Society meant a great pathway to get involved and it is just the beginning”, said Phillips. With a cognizant public pressuring multinationals about corporate consciousness and responsibility, the Tropicsurf statement fits the mix, same as it always has!

“We have always thought that whatever business we ended up in, part of that plan or model would be about helping people, it can’t all just be about profit, that can be a bit of a hollow dream”, said Phillips. “We feel that this is the right thing to do, we go there (Maldives) and enjoy the waves and hospitality of the region and its people, so it’s only fair that we put back in”, said Ross.

There is actually more to it than meets the eye. Phillips is one of those people that Australian culture call a ‘doer’, (he started the dream with AUD$500 and a healthy dose of inspiration from wife Diane) you know the type, meek, mild, quietly spoken and not one to waste words often. A humble guy who tends to shy away from accolades, as those who were with him when his company ‘Wavesense’ won two inductions into the Australian Surfing Hall of Fame in 2004/5 will attest.

So, when he offers up a contribution to the conversation, you take it because he thinks first and speaks later. His vision for the future unveils a bigger picture too, “It is also about the Tropicsurf Legacy…..you know, it’s good to think that maybe after I am long gone that Tropicsurf will continue to help make a positive difference to the people and places we visit, wherever it is the company is venturing “, said Ross.

As for the immediate future, well Tropicsurf unveil their new Noosa based branch of the business this Friday with a private launch in Hastings St, while on the overseas front they will christen a brand new custom built vessel called ‘Tropic Breeze’ which is specifically designed to cater to all the needs of clients. It will service the 2008 season.

Care Society Maldives. Mission: Care Society is committed to improvements in the lives of people with disabilities. In collaboration with families and in partnership with government and non-government organizations.

Care Society promotes practices and public policies that:
* Support the total integration of people with disabilities into society;
* Promote access to education, training and employment for people with disabilities;
* Raise community awareness to encourage equality and fairness for people with disabilities;
* Encourage health service providers to intervene early in the lives of children and adults with disabilities; and
* Ensure people with disabilities are valued as individuals.

Objectives: Over the next five years Care Society will:
- Increase and maximize resources;
- Communicate effectively with all stakeholders;
- Provide training to volunteers and people with disabilities
- Influence policy making to encourage equality and fairness in service to people with disabilities;
- Promote formal and non-formal education and training opportunities for men, women and children with disabilities;
- Involve all staff members and volunteers in the planning and implementation of service to the people with disabilities;

Support Care Parents Forum;
- Expand services; and
- Continuously improve programs.
- Fundraise to enable self-reliance and sustainable services;
- Conduct ongoing research into the needs of people with disabilities in Maldives;

Source: GSN

U.N. Approves $200 Million Funds To Help Rural Poor

The United Nations International Fund for Agricultural Development (IFAD) announced that it has approved almost $200 million in grants and loans to support initiatives to bolster the living conditions of the rural poor in more than a dozen countries in Africa, Asia, Latin America and the Near East.

In West and Central Africa, IFAD will make $5.7 million in loans and $15 million in grants available. Some 28,000 farmers in the Woleu-Ntem province of Gabon will receive funding to help diversify their incomes through the development and marketing of new products form such staple crops as bananas, cassava and peanuts.

In Guinea, a grant will help finance a project to bolster local governance in rural areas while in Guinea-Bissau, one of the world's poorest nations, another grant will assist 100,000 rural people build their communities through rehabilitating infrastructure and bolstering grassroots organizations.

Lesotho, Uganda, Bangladesh, the Maldives, Pakistan, El Salvador, Nicaragua, Armenia, Morocco and Yemen will also receive IFAD grants or loans.

In addition, the fund approved six grants to international centers conducting agricultural research and development activities in rural areas in poor nations.

IFAD supports nearly 200 ongoing rural poverty eradication programs and projects, worth $6 billion, to reach 82 million rural poor people worldwide.

Source: ANH

Dubai Civil Aviation Authority receives delegations from China and Maldives

The delegation from Maldives was led by Ali Hussain Didi, CEO of the Maldives Airports Company. Discussion at the meeting revolved around Maldivian plans to build as many as 10 airports on the archipelago as a strategic move to boost the island nation's tourism.

In this regard, Didi noted that Dubai has established itself as a regional and an emerging global aviation and tourism hub, and can play an important role in Maldives. He discussed with Ahli the possibilities of DCAA involvement in managing the proposed airports in Maldives. Ahli on his part welcomed the chance for greater co-operation between Dubai and Maldives and assured Didi that the idea would be taken up for discussion in the high offices of Dubai civil aviation.

The visit by Chinese delegates was aimed at benchmarking Dubai International Airport, and to study best practices followed by the airport and the DCAA. Headed by Song Airong, Vice Governor of Xinjiang Uygur Autonomous Region, the delegation also included Zhang Guanghui, director General, Airport Department, General Administration of Civil China (CAAC).

Ahli welcomed the delegation and shared with the delegates Dubai's vision through a presentation on Dubai International Airport's expansion project. He noted that sharing of knowledge and best practices is an effective way of bolstering co-operation and bilateral ties between two countries.

Source: AME Info

Netherlands donates Euro 9 million as aid to Villingili projects

Netherland’s government has donated Euro 9 million (RF 153 million) as aid to the construction of harbor and land reclamation project in Gaafu Alifu atoll Villingili.

In addition, a loan agreement was signed last month between Maldivian Government and a bank in Netherland, for Euro 8.57 million (RF 148 million) in order to build Gaafu Alifu atoll Villingili as a safe island due to the destruction left by the 2004 tsunami.

According to a press release from Department of External Resources, the donation agreement was signed by Foreign Minister, Dr. Ahmed Shaheed on behalf of the Maldivian Government. On behalf of the Netherland government, the agreement was signed by the Netherland Ambassador appointed for Maldives, R. S. Van Dyke.



Source: Haveeru Online

ADB Helping to Upgrade Maldives' Main Inter-Island Harbor with $5.33 Million Loan

MANILA, PHILIPPINES - ADB is helping to ensure enhanced access to markets and social services for the 70% of the Maldivian population living on outer atolls, where the comparative incidence of poverty is highest.

“Maritime transport in the Maldives is comparable to that of a road network in land-based nations,” said Lise Weidner, the project team leader with ADB’s South Asia Department. “A well-developed maritime transport infrastructure is critical to sustained social and economic development in the country.”

The Domestic Maritime Transport Project enhances the existing Malé North Harbor through the construction of a 290-meter long quay to ease congestion and increase the sustainability and efficiency of the harbor. The Project also includes substantial support for institutional development and capacity building in key sector agencies.

The Malé North Harbor is the most important inter-island transport hub in the Maldives. It is the lifeline to social and economic development opportunities in the capital for the outer atoll population.

Congestion in Malé North Harbor warrants capacity expansion and improved harbor management. The Project addresses these development needs and is a top priority under the country’s national development plan.

“This project will help reduce regional disparities within the country by lowering transport costs and boosting inter-island trade,” said Ms. Weidner.

Source: ADB