New Delhi:  IFC, a member of the World Bank Group, has completed its mandate of assisting Maldives on a public-private partnership project to manage waste, minimize environmental degradation and improve public health in the Greater Malé region benefitting over 100,000 people.

The project will introduce best practices and standards in waste management to improve waste disposal at Thilafushi and other islands in Greater Malé. In addition to improving waste collection services in the region, it will mobilize private investment worth $ 50 million and help reduce green house gases by nearly 12,000 tons annually.

The bid for private participation was awarded to Tatva Global Renewable Energy (Maldives) Private Limited, an Indo-German consortium of UPL Environmental Engineers Limited and Mittledeutsche Sanierunds-Und Entsorgungs Gesellschaft mBH. The consortium, Maldives government and the Malé City Council signed a concession agreement earlier this month at the President’s Office.

“This is an important step for Maldives to be both environmentally sustainable and provide important municipal services in an efficient manner to its citizens and businesses,” said Mahmood Razee, Maldives Minister of Economic Development.

As Lead Transaction Advisor, IFC extended its global expertise in leading transparent and competitive transactions to assist Maldives government in structuring a public-private partnership between the government and the investors.

“Improving waste management is important to address environmental and climate related concerns in Maldives. By assisting Maldives successfully close a public-private partnership project, IFC is assisting the country find a sustainable solution to waste disposal,” said Laurence Carter, IFC Director for PPP Advisory.

The project’s infrastructure and services improvements in Greater Malé region will comply with the Maldives Environment Protection Agency and international environmental standards. The integrated waste management solution for Thilafushi, Malé, Huluhullé, Hulhumalé and Villingili and neighboring resorts will include collection, transportation, segregation, treatment and disposal of waste. The project will also generate power through waste.

The tender process, launched with IFC’s assistance in August 2010, is now completed. Of the twelve pre-qualified international and experienced waste management firms, three firms submitted bids: Ramky Enviro Engineers Limited (an Indo-French consortium) and Organics Group Plc (UK) and the ultimate winning bidder. For more information on the project, visitwww.maldiveswasteppp.org.

To learn more about IFC in South Asia, please visit www.ifc.org/southasia.