The government has launched the first cross-subsidy project tied to national security, increasing the investment target to US$100 million.
Initially introduced through a presidential decree on 21 March, the policy originally aimed to raise US$15 million. However, a further amendment on Tuesday raised the amount without providing details on the specific projects.
Under the cross-subsidy model, investors will receive Islands or lagoon rights in exchange for financing government initiatives. For this project, the government is offering Hiymiya Falhu, a 712-hectare lagoon near Malé, which experts estimate to be worth over US$40 million, along with other places that have not been specified.
While previous cross-subsidy agreements have focused on infrastructure development, with islands and lagoons granted for luxury resort projects, it is unclear whether the locations allocated under this deal will be used for resort development or other purposes.
The announcement comes amid speculation that the government is purchasing surface-to-air missiles and a ship capable of deploying them from a Turkish defence contractor. Although the government has not formally confirmed it, social media posts indicate a deal has been reached with a Turkish defence firm.
The government has already procured drones from a Turkish company but has not disclosed the cost. Various sources indicate the drones were purchased for US$37 million—well above market rates—prompting allegations of corruption.