Categories: World

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

<p>
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.</p>
<p>
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.<br />
<br />
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, <a href="https://timesofaddu.com/2021/12/18/exim-bank-of-india-extends-usd-34-million-for-hulhumale-social-housing-projects/">reports Maldivian newspaper <em>The Times of Addu</em></a>.<br />
<br />
Providing affordable housing to the public is a key priority for the Maldivian Government under President Ibrahim Mohamed Solih.<br />
<br />
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.</p>
<p>
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.</p>

IN Bureau

Recent Posts

Baloch American Congress expresses strong opposition to Gwadar fencing

The Baloch American Congress (BAC) condemned the occupation of Gwadar by Pakistan and China, calling…

11 hours ago

Indian women gathers in traditional attire outside UK Parliament to extend support to PM Modi’s success in LS polls

The Indian women in the UK gathered in traditional attire in front of the UK…

11 hours ago

“Need to tell stories of a new India”: British journalist praises country’s diversity and growth journey

Lauding the "new India", Sam Stevenson, Assistant Editor of the UK-based newspaper Daily Express, emphasised…

11 hours ago

Pak: Another girls’ school in South Waziristan bombed

In another tragic blow to girls' education in Khyber Pakhtunkhwa amidst the ongoing wave of…

19 hours ago

WHO, experts meet to strategise strengthening community engagement; resilience in health emergencies

Against the backdrop of recent crises, such as the COVID-19 pandemic, health officials from across…

19 hours ago

Baloch activist condemns Gwadar fencing project, cites CPEC as cause of encirclement

Mahrang Baloch, a Balochistan-based activist, said on Saturday that the fence around Gwadar was not…

19 hours ago