The Cabinet has decided to complete the formulation of the loan schemes introduced by the government to address housing issues by the end of March.
Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim said in a press conference held yesterday that the Cabinet discussed the establishment of a housing and infrastructure development trust fund and the launch of a low-interest loan scheme for housing.
He added that further discussions on the issue would be held at the Economic Council. The council will also explore ways to introduce social housing loans through the government's new development bank and existing banking system, he said.
“These loans will be issued at less than five percent interest,” Nazim said.
A special loan scheme will be introduced to complete the unfinished construction works, he said.
In addition, the Cabinet also discussed the establishment of a special social housing category for employees working in the tourism industry, he said.
He said that discussions were held to allocate a certain percentage of the social housing projects being undertaken in different parts of the country to employees in the tourism sector.
Nazim said that the Cabinet has also decided to formulate a housing freedom bill to regulate housing projects, under the current administration's 'Week 14' road map.
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