USD 25 million loan secured for 400 flats in Hulhumale', work to begin this year

Construction of 400 flats in Hulhumale' Phase 2 is set to begin later this year, funded through a USD 25 million (MVR 385 million) loan from the Saudi Fund for Development (SFD), the Ministry of Construction, Housing and Infrastructure has said.

The project was officially inaugurated today by the fund’s CEO, Sultan Abdulrahman Almarshad, who is currently visiting Maldives.

Plans to seek a consultancy firm for the project were first announced in March 2023. The selection process is now ongoing, the ministry said.

The housing scheme is part of President Dr Mohamed Muizzu’s pledge to provide homes for all Maldivians, the ministry added.

During his visit, the CEO of the Saudi Development Fund also signed a USD 17 million loan agreement to support the expansion of the new terminal at Velana International Airport.