Maldives borrows USD 119 mln for construction of 2,000 housing units

The Maldives will be borrowing USD 119 million from India to implement the construction of another 2,000 housing units in Hulhumale'.

The loan agreement was signed on Tuesday during official talks with Indian Prime Minister Narendra Modi, on President Ibrahim Mohamed Solih's ongoing official visit to India.

The Export Import Bank (Exim Bank) of India's agreement is with the Finance Ministry of the Maldives.

The construction of 4,000 housing units in Hulhumale' is currently underway with a USD 228 million loan from Exim Bank of India. The project commenced in December last year under the loan agreement signed with the Maldives' 'Fahi Dhiriulhun Corporation'. The Exim Bank issued USD 34 million to begin the project.

On June 26, the government opened application for the 4,000 housing units under construction for residents of Male' City and those who have lived in the the city for more than 15 years.

The government has not yet announced the details of the 2,000 housing unit project.