MALE, June 26 -- The Maldives government is in talks with the Japan Bank for International Cooperation (JBIC) and the China Exim Bank to secure 600 million U.S. dollars for airport development, local media reported on Thursday.

Tourism Minister Ahmed Adeeb said the government is seeking 200 million U.S. dollars from JBIC and 400 million U.S. dollars from the China Exim Bank to develop a terminal and runway respectively.

Singapore's Changi Airport Group will be hired as consultants as they are better qualified to work with Chinese and Japanese contractors, he added.

The government is in the process of finalizing an agreement with Changi, he had told reporters according to local newspaper Minivan.

Development of the Ibrahim Nasir International Airport is one of five mega projects the Maldives government is searching investors for. The airport was initially given to Indian construction giant GMR for construction during the term of former President Mohammad Nasheed.

However, following his controversial exit from power in early 2012, his replacement former President Waheed cancelled the contract, saying it was illegal under Maldives law.

Deprived of the lucrative deal, GMR sought arbitration, which was recently decided in their favor. Nonetheless, an exact amount in compensation is yet to be announced by the Singaporean arbitration court, but it is expected to run into millions of dollars.

President Abdulla Yameen has previously predicted compensation to be approximately 300 million U.S. dollars, while former Attorney General Azima Shakoor in 2012 said the figure may be as high as 700 million U.S. dollars.

The World Bank in December said GMR's compensation will place severe pressure on the country's already "critically low" reserves.

As of April 2014, gross foreign reserve of the Maldives stood at 434.8 million U.S. dollars, while total outstanding debt at the end of 2013 stood at 793.6 million U.S. dollars.