Housing Development Corporation (HDC) has said its loan portfolio is above USD 776 million.
Speaking at the Parliament on Thursday, HDC's Chief Financial Officer, Ahmed Sham said the loans were borrowed from 15 different banks, mainly from four different countries.
The corporation's loan portfolio increased during former President Abdulla Yameen Abdul Gayyoom's administration. The main reason for the increase was the reclamation of Phase II and multiple large-scale projects carried out at the site. The projects caused financial challenges to HDC.
However, the current Managing Director of HDC, Suhail Ahmed has assured that he would lead the corporation out of its financial hole and stabilize the company.
HDC is a 100 percent state-owned enterprise formed in 2001. It is the the master developer, builder and regulator for the development of Hulhumale'.
