PR Social Housing Projects_Advance payment disbursed
India’s EXIM Bank disburses advance payment for Social Housing Projects in Hulhumale’ Phase II
Press Release
EXIM Bank of India has disbursed $ 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 with Government of Maldives authorities 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 Solih. The availability of adequate social housing in Hulhumale’ will further aid de-congestion of Male’ city. India is privileged to partner with Government of President Ibu Solih in honouring its commitment to provide affordable and inclusive housing for all.
