MNDF and govt register joint venture for investment including tourism
07 Aug 2012, 7:20 PM
Hawwa Lubna
With plans to generate revenue to fund welfare services for the armed forces, the government and Maldives National Defense Force (MNDF) has registered a joint venture company aiming to invest in various businesses, including the tourism industry.
The “MNDF Welfare Company” registered at the Economic Ministry on Tuesday, is 10 percent government owned, and 90 percent by Sifco, MNDF ‘s cooperative society, which provides welfare services for defense force officers and their families, including subsidised products and loans.
Speaking to Minivan News about the company, MNDF Spokesperson Major Abdul Raheem said the MNDF have been discussing the idea of expanding the cooperative society’s works through a registered company over the past 10 years.
He observed that the main objective of registering the company was to invest and run businesses, which can subsequently generate revenues to contribute to welfare services provided to the 7000 strong-armed force body.
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