The Exim Bank of India has released funds for the development of 4,000 social housing units in Hulhumale’ Phase II through two separate projects.
On September 23, Fahi Dhirulhun Corporation (FDC) and the Exim Bank of India inked a deal for the two housing projects, which are being carried out with credit help from the Exim Bank of India.
The Exim Bank has issued USD 34 million as an advance payment to commence construction of the housing units under the terms of the agreement.
The housing units will be built by two Indian companies, BCC India Limited and JMC Projects (India) Limited, under a contract with the FDC. The project is scheduled to commence before the end of the year.
The social housing units built under the two projects will have two and three bedrooms. The 2-bedroom homes will be 650 square feet in size, while the 3-bedroom ones will be 900 square feet.