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India steps up high impact projects in Maldives by releasing $34 million housing loan

The Hulhumale master plan (Photo: Maldives Housing Development Corporation)

India has disbursed $34 million payment to the Maldives for the construction of 4,000 Social Housing projects in Hulhumale’ Phase II. With the EXIM Bank disbursing the money, actual work can commence on the two projects.

On 23 September 2021, the EXIM Bank had inked an agreement with Fahi Dhiriulhun Corporation Ltd (FDC) of the Maldives to issue buyers credit of nearly $228 million for the construction of 4,000 Social Housing Units.

The construction will be undertaken by the National Buildings Construction Company (NBCC) and JMC Projects (India) Ltd. Reportedly, the sites have been handed over to the contractors and preliminary mobilization work is underway, reports Maldivian newspaper The Times of Addu.

Providing affordable housing to the public is a key priority for the Maldivian Government under President Ibrahim Mohamed Solih.

Under President Solih, the Maldives has become a comprehensive development partner of India where New Delhi is providing $2 billion in concessional loans for infrastructure projects. India is helping the archipelago connect its islands through bridge and road networks, development of fisheries, strengthening airports and ports.

The social housing project is directed towards social upliftment. Architectural designs are being finalised for 4,000 units consisting of 2,800 units of three-bedroom and 1,200 units of two-bedroom flats.