EXIM Bank of India extends USD 34 million for Hulhumalé Social Housing Projects

Hulhumale' master plan | Photo: Housing Development Corporation

EXIM Bank of India has disbursed USD 34 million advance payment in connection with the Social Housing projects being executed under Buyers’ Credit  in Hulhumale’ Phase II. This marks commencement of project implementation phase for the two projects. 

It may be recalled that on 23 September, 2021, EXIM Bank had concluded Agreements with Fahi Dhiriulhun Corporation Limited (FDC) of Maldives extending Buyers Credit of approx. USD 228 million for the construction of 4000 Social Housing Units in Hulhumale’ Phase II. 

The construction will be undertaken by National Buildings Construction Company (NBCC) and JMC Projects (India) Ltd. The companies have rich experience in real estate development and civil construction projects, both in India and abroad. The sites have been handed over to the contractors and preliminary mobilization work is underway.

The detailed architectural designs are being finalized to ensure optimum utilization of space and to significantly enhance the quality of life of the prospective residents. A total of 2800 units of 3 bedrooms and 3 toilets of 900 sq feet each, and, 1200 units of 2 bedrooms and 2 toilets of 650 sq. feet each will be constructed under the two projects. 

Access to affordable housing is a key priority for the Maldivian Government under President Ibrahim Mohamed Solih.