Hamdhan also said that efforts are underway to secure funding for additional housing units, with more details to be disclosed soon.
A loan arrangement has been finalized for the construction of 5,000 housing units by Fahi Dhiriulhun Corporation (FDC), the company has said.
Speaking to Mihaaru News today, FDC Managing Director Hamdhan Shakeel said that a Chinese bank has agreed to finance 5,000 out of the 15,000 flats planned for Male' area.
According to Hamdhan, the bank has already shared the financial sheet outlining the loan amount, interest rate, and repayment period. This information has been submitted to the Ministry of Construction, which is expected to forward it to the Economic Council in the coming weeks.
"Once the Economic Council makes a decision on the loan, the agreement will be signed and the project can begin," he said.
Hamdhan also said that efforts are underway to secure funding for additional housing units, with more details to be disclosed soon.
President Dr Mohamed Muizzu announced last November that over 27,000 housing units will be developed across Male' and other islands this year. Of these, 15,000 housing units will be developed in Male' region, he said.
FDC is currently constructing 4,000 flats in Hulhumale'. Of the housing units assigned to two Indian companies under the project, 700 have already been completed and handed over.
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