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HDC, MoED, BCC sign MoU to collaborate on SME initiatives in Hulhumale'

Ahmed Aiham
05 November 2020, MVT 18:42
The MoU was signed on behalf of the Economic Ministry by Minister of Economic Development Fayyaz Ismail (C). Additional signees include Housing Development Corporation's Managing Director Suhail Ahmed (R) and BCC's Managing Director Fazleena Fakir. PHOTO: HOUSING DEVELOPMENT CORPORATION
Ahmed Aiham
05 November 2020, MVT 18:42

Housing Development Corporation (HDC), on Thursday, signed a joint Memorandum of Understanding (MoU) between the Ministry of Economic Development and the Business Centre Corporation (BCC) to collaborate on Small and Medium Enterprise (SME) specific projects in reclaimed suburb Hulhumalé.

The agreement was signed on behalf of the Economic Ministry by Minister Fayyaz Ismail, during a special signing ceremony held at HDC. Additional signees include HDC's Managing Director Suhail Ahmed and BCC's Managing Director Fazleena Fakir.

According to HDC, the agreement facilitates the provision of concessional lease rates and prioritizes the allocations of units and land for SME specific projects on the island.

As part of the agreement, both HDC and BCC will formulate a long-term plan to assist and develop SME initiatives in the country.

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