Malé, Maldives, September 1, 2009
—IFC, a member of the World Bank Group, will work with the government of Maldives to modernize the country’s solid-waste-management system to improve public health, limit environmental pollution, and help protect fragile coral reefs and marine habitats.
The Maldives government and state owned Waste Management Corporation have sought IFC’s advice to explore private participation in running existing waste-management sites and developing an integrated regional waste-management plan including waste collection, transportation, and disposal for seven provinces. Currently, only the capital city of Malé has solid-waste-management infrastructure in place; waste collection and disposal are managed by local municipalities.
“Private participation is expected to bring significant efficiencies to our existing waste-management services and extend these beyond the capital city to smaller and remote atolls,” said Mahmood Razee, Chairman of Maldives’ Privatization Committee. “By partnering with IFC, we will be able to attract quality private participation and ensure a transparent and competitive process.”
Solid and hazardous waste management is a critical environmental issue and a threat to tourism and fishing industries. Disposal sites are located along vegetation lines or shorelines in many islands. There are limited provisions for collection, treatment, and disposal of hazardous wastes. The country’s National Solid Waste Management Policy adopted in 2008, highlighted the importance of developing public-private-partnership frameworks and encouraging strong, long-term private participation.
Vipul Bhagat, head of IFC Infrastructure Advisory for South Asia, said: “Through this project, IFC hopes to assist Maldives implementing systematic waste-disposal mechanisms that will help the country curb methane emissions from open dump sites and address public health concerns from inappropriate waste-management practices.”
IFC has global experience in advising on transactions in addition to investments in the solid waste management sector. IFC’s recent work includes similar projects in Belgrade in Serbia, Durban in South Africa, and Andhra Pradesh in India. The goal is to make better use of scarce resources and upgrade the quality of services.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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