EXIM Bank of India provides MVR 3.4 billion in loans for FDC Hulhumalé housing projects

Exim Bank of India and FDC agreement signing in February 2021 | Photo: FDC

Malé, Maldives – At a virtual ceremony held today, Fahi Dhiriulhun Corporation (FDC) and two Indian companies NBCC and JMC Projects signed loan agreements to develop of 4000 Social housing units at Hulhumale’ phase 2.

Engineering, Procurement and Construction (EPC) contracts were signed between FDC and NBCC to develop 2,000 social housing units while JMC Projects is contracted to develop additional 2,000 units. The loans are worth USD 116.45 million and USD 110.5 million respectively.

The Fahi Dhiriulhun NBCC Housing Project project is expected to commence in May 2021 and will consist of 1400 units of 900 square foot, 3-bedroom apartments and 600 units of 650 square foot, 2 bedrooms apartments.

The Fahi Dhiriulhun JMC Housing Project consists of 600 two-bedroom apartments units of 650 square feet and 1400 three-bedroom apartments of 900 square feet.

The projects are scheduled to start this year.

Stakeholders from various sectors related to this project attended the virtual event including Indian High Commissioner Sunjay Sudhir, Maldives Minister of Economic Development Fayyaz Ismail, Minister of Finance Ibrahim Ameer, Minister of State for National Planning Akram Kamaluddin and the board of directors of FDC along with top management of NBCC and JMC Projects.