Malé, Maldives – India and Maldives have signed a Letter of Intent today to build 2,000 housing units in Hulhumalé.
The agreement today was signed between Maldivian company Fahi Dhiriulhun Corporation Limited (FDC) and India’s EXIM Bank.
Minister of Foreign Affairs Abdulla Shahid tweeted today that housing is a key priority for the Government, and that the Letter of Intent signed today is a step forward. He also added that he is happy to see increasing interest from Indian investors in the Maldives.
The 2,000 housing units are to be built by Indian government company National Buildings Construction Company (NBCC), with the contract reportedly signed between NBCC and FDC on February 2, 2021.
The Indian High Commission also added that NBCC has been tasked with designing, financing and building the housing units, which has been projected to be completed in 900 days. They also revealed that 100-85 of the project is to be financed by the contractor, but did not reveal the project’s value.
These units consist of 1,400 housing units which would have 3 bedrooms and 3 toilet units and another 600 units which would have 2 bedrooms and 2 toilets in each.