FDC signed 2 loan agreements with Exim Bank of India for the development of 4000 social housing units in Hulhumale’. The signing took place during a virtual ceremony held on 23rd September 2021.
Minister of Economic Development Honorable Fayyaz Ismail, Minister of Finance Honorable Ibrahim Ameer, High Commissioner of India to Maldives Mr. Sanjay Sudhir, Minister of State for National Planning, Housing, and Infrastructure Mr. Akram Kamaaluddin, officials from the president’s office participated in the event. General Manager Ms. Shilpa Waghmare, Deputy General Manager Mr. Sanjay Lamba, Chief Manager Mr. Subodh Pise from India Exim Bank along officials from the contractors NBCC (India) Limited and JMC Projects (India) Limited and the board of directors of FDC also participated in this virtual event held today along with other government officials and senior management of FDC.
Finance raised through these 2 loans will be utilized for the development of 2000 housing units under FDC NBCC Housing Project and another 2000 housing units under FDC JMC Housing Project. The Government of Maldives provided Sovereign Guarantee for these loans.
Speaking at this ceremony, Minister of Economic Development Honorable Fayyaz Ismail highlighted that providing social housing is a priority of the Government. He further added that a stock of 4000 housing units will not only aid in easing housing issues, but that it will also have a positive impact as an economic stimulus through increased disposable income of the beneficiaries. Minister of Finance Honorable Ibrahim Ameer noted that comparably these projects will produce more spacious units at a lower cost. High Commissioner Sunjay Sudhir reassured that diplomatic support will be extended for projects of this nature.
EPC Contract between FDC and NBCC (India) Limited was signed on the 2nd of February 2021 and the EPC Contract between FDC and JMC Projects (India) Limited was signed on the 8th March 2021. Both projects include 2- bedroom units of 650 square feet and 3-bedroom of 900 square feet.
Mobilization and work commencement is expected to start this year.