The Waste Management Corporation (WAMCO) has launched an innovative initiative to secure investors for island area development, aiming to generate sustainable funding for its critical waste management services across local communities.
Under a unique contractor-financed model, WAMCO is offering strategic land parcels provided by island councils in exchange for waste management services. The corporation plans to lease uninhabited islands and specific areas to private developers, generating rental income to support its core operational mandate.
The current investment opportunity focuses on two distinct projects: the lagoon area of K. Himmafushi and Lhosfushi, a small island near K. Guraidhoo. Both sites are being presented under a comprehensive contractor-financing arrangement, where the selected developer will be responsible for all planning, design, and construction expenses without direct financial input from WAMCO.
Interested parties must submit their proposals by 27 August for both the Lhosfushi and Himmafushi projects. The corporation has explicitly stated that this initiative is not an entry into the tourism sector, but a strategic approach to sustaining its waste management services.
This development comes amid a broader trend of state-owned enterprises exploring alternative revenue streams. Recently, the Maldives Hajj Corporation announced a similar tourism-linked venture on K. Maafushi, which has drawn significant public and ministerial scrutiny. Islamic Minister Dr Mohamed Shaheem Ali Saeed has publicly questioned the appropriateness of such investments by state entities.
WAMCO’s approach represents a calculated strategy to diversify income while maintaining its primary waste management responsibilities. By leveraging land assets acquired through council agreements, the corporation aims to create a sustainable financial model that supports its critical community services.
The initiative raises important questions about how state-owned enterprises can innovatively generate revenue without straying from their fundamental operational objectives. WAMCO’s transparent and structured approach demonstrates a pragmatic method of addressing financial challenges faced by public service organizations.
As the August deadline approaches, the waste management corporation remains focused on attracting responsible investors who can contribute to both economic development and sustainable community infrastructure.
