SECTOR BRIEFS • OFFICIAL-SOURCE CONTEXT

Understand the sector before choosing the finance route.

Short Maldives market briefs for project owners, contractors and investors. Figures and policy statements are context—not forecasts or guarantees. ITFC can help turn the requirement into a finance-ready case and coordinate suitable local or international approaches.

SECTOR BRIEF

Tourism & Hospitality

Tourism remains the largest sector in bank credit. MMA reported tourism at 36% of private-sector credit at end-2025, with annual sector credit growth of 14%, driven by new resort development and working capital. The Tourism Ministry maintains live registers for resorts, hotels, guesthouses and tourism vessels.

What to examine

Asset type, occupancy and source markets, development/refurbishment cost, working capital, FX revenue, lease/concession terms and debt-service capacity.

Where ITFC can assist

Project finance preparation, resort/guesthouse expansion, refurbishment, FF&E, working capital, refinancing and lender/investor coordination.

Official context: Maldives Monetary Authority • Annual Report / Q4 2025; Ministry of Tourism • Registered FacilitiesPrimary source ↗Related source ↗Discuss this sector with ITFC →

SECTOR BRIEF

Marine & Liveaboards

Marine businesses sit at the intersection of tourism, transport and logistics. The 2026 Presidential Address says 102 harbour development projects were advancing at different stages, while the Government is also progressing the Thilafushi port relocation and nationwide ferry connectivity.

What to examine

Vessel age and specification, charter/operating income, maintenance, insurance, route or tourism demand, fuel exposure, import cost and security available to financiers.

Where ITFC can assist

Vessel acquisition or construction, refits, fleet expansion, tourism vessels, marine services and financing-document coordination.

Official context: President’s Office • Presidential Address 2026Primary source ↗Related source ↗Discuss this sector with ITFC →

SECTOR BRIEF

Construction & Property

MMA reported construction lending grew 13% in 2025 and represented 18% of private-sector credit; real-estate financing represented 10% and grew 4%. Growth reflected housing, residential and property-development lending.

What to examine

Land/title or lease rights, approvals, contractor strength, BOQ and contingencies, presales/tenancy, imported-material exposure, construction period and repayment source.

Where ITFC can assist

Development finance, contractor finance, equipment, bridging/working capital, refinancing and preparation of bank/investor information.

Official context: Maldives Monetary Authority • Annual Report 2025Primary source ↗Related source ↗Discuss this sector with ITFC →

SECTOR BRIEF

Trade & SMEs

Commerce credit grew 10% in 2025, mainly from wholesale and retail trade. Government policy in 2026 also highlights SME regulatory easing, digital payments, export-market access and a planned Trade Acceleration Zone.

What to examine

Stock cycle, supplier terms, import currency, gross margin, receivables, collateral, seasonality, customs/logistics cost and the difference between permanent capital and short-term trade finance.

Where ITFC can assist

Working capital, machinery, inventory/import finance, legitimate bank-issued trade facilities, expansion funding and SME finance readiness.

Official context: MMA • Annual Report 2025; President’s Office • Presidential Address 2026Primary source ↗Related source ↗Discuss this sector with ITFC →

SECTOR BRIEF

Councils & Communities

The Government says 27 uninhabited islands have been designated for commercial use to support councils’ economic self-sufficiency. Recent decentralisation changes also address council cooperation and land procedures for State development projects.

What to examine

Public purpose, local demand, land and statutory authority, revenue model, procurement route, affordability, O&M cost, environmental impact and approvals.

Where ITFC can assist

Finance-ready concept development, feasibility/document coordination and exploration of appropriate public, development-finance or private-partnership routes where legally applicable.

Official context: President’s Office • Presidential Address / Decentralization updates 2026Primary source ↗Related source ↗Discuss this sector with ITFC →

SECTOR BRIEF

Government & Infrastructure

The 2026 Budget allocates about MVR 8.31 billion to PSIP and states that contractor-finance approaches are planned for projects, including participation by SMEs in high-priority works. Current priorities include transport, ports, utilities, public services and strategic infrastructure.

What to examine

Public need, budget/procurement authority, project preparation, lifecycle cost, sovereign/SOE/counterparty structure, implementation capacity, safeguards and financing conditions.

Where ITFC can assist

Early-stage financial structuring, project-information preparation and coordination with suitable development funds, financial institutions or investors—subject to applicable public-finance and procurement rules.

Official context: Ministry of Finance • Government Budget 2026; President’s OfficePrimary source ↗Related source ↗Discuss this sector with ITFC →

FOREIGN INVESTMENT • OFFICIAL POLICY CONTEXT

“We continue to welcome investors and partners who are prepared to grow with us.”

— President Dr Mohamed Muizzu, SIDS Global Business Network Forum, August 2026. In the same address, the President described the policy direction as a more diversified, digitally connected and resilient economy open to responsible private investment, highlighting infrastructure, renewable energy, digitalisation, MSMEs and international partnerships.

Read the President’s official statement ↗Invest Maldives opportunities ↗

ITFC presents this as Government policy context, not as an ITFC endorsement, investment recommendation or assurance of returns.

President Dr Mohamed Muizzu
Official President’s Office photograph