A loan has been secured for 5,000 housing units out of the flats that FDC has decided to build. The company’s Managing Director, Hamdhaan Shakeel, said that out of the 15,000 flats to be built in the Male’ area, loans have been secured from a Chinese bank for 5,000 flats so far. He said that the bank has shared a financial sheet including the loan amount, interest rate, and repayment period, and that this information has been submitted to the Ministry of Construction.
According to him, the Ministry will submit the report to the Economic Council in the coming few weeks. Hamdhaan said that once the Economic Council makes a decision regarding the loan, the agreement will be signed and the project will be launched. Hamdhaan stated that they are also seeking loans for additional housing units. He said that the details of these will also be available soon.
President Dr. Mohamed Muizzu announced last November that construction of more than 27,000 housing units will begin this year in Male’ and other islands. He said that out of these, 15,000 will be built in the Male’ area. FDC is currently building 4,000 flats in Hulhumale’. Out of the project entrusted to two Indian companies, 700 housing units have been completed and handed over.
