Maldives: Exim Bank disburses payments for social housing projects
New Delhi: The Exim Bank of India has disbursed USD 34 million as an advance payment for social housing projects in Hulhumale Phase II, being developed under the buyers’ credit scheme.
According to the Indian High Commission in Male, Maldives, the Bank had, on September 23, 2021, signed agreements with the Maldives’ Fahi Dhiriulhun Corporation Limited (FDC) for issuance of a buyers credit of approximately USD 228 million for the development of 4,000 social housing units in Hulhumale Phase II.
India’s National Buildings Construction Company (NBCC) and JMC Projects (India) Ltd will be in charge of the construction.
The two projects will have 2,800 units with three bedrooms and three bathrooms, each measuring 900 square feet, and 1,200 units with two bedrooms and two bathrooms, each measuring 650 square feet.
The Maldivian Government under President Ibu Solih has made affordable housing a top goal. The supply of suitable social housing in Hulhumale will contribute to Male city’s decongestion.
(Venkatesh Iyer)
