The Indian government has issued US$ 34 million to the Maldives to begin the practical work of social housing projects in Hulhumale'. The funds were issued through India's EXIM Bank as buyer's credit.
On September 28, the EXIM Bank came to an agreement with Fahi Dhiriulhun Corporation Limited (FDC) to issue US$ 228 million as buyer's credit for the construction of 4,000 housing units in Hulhumale Phase II.
The projects have been contracted to National Buildings Construction Company (NBCC) and JMC Projects (India) Limited. As per the government, both companies are leading construction companies with expansive portfolios of local and international real estate development and civil construction projects under their belt.
The building sites have been handed over to the contractors, and preparations to mobilize the projects are underway. The detailed drawings of the architectural designs are being shared with the Maldives government for finalization. Under these two projects, 2,800 three-room apartments of 900 sqft and 1,200 two-room apartments of 650 sqft will be constructed.