The Maldives government has signed an USD 227 million loan agreement with India’s EXIM Bank for the construction of 4,000 flats in Hulhumale Phase II.
The virtual agreement signing event on Thursday was attended by key officials from the project operator Fahi Dhiriulhun Corporation (FDC), EXIM Bank, relevant government agencies, and the Indian High Commission in the Maldives.
The FDC awarded the project to two Indian companies, National Buildings Construction Corporation (NBCC) and JMC Projects, to develop 4,000 flats as part of social housing.
The deal to construct 2,000 flats was reached in February 2021 between FDC and NBCC, while the agreement to develop the remaining 2,000 flats was inked in March 2021 with JMC Projects.
The USD 227 million loan was provided at a cheaper interest rate than the Hiya flats loan obtained during the Yameen administration, according to the Indian High Commission in the Maldives.
The 4,000-flat housing project will include two-room flats measuring 650 square feet and three-room flats measuring 900 square feet. According to FDC, the project will be initiated before the end of the year.