Sovereign guarantee to be given during Nazim’s presidency for housing projects

The Maldives National Party (MNP) presidential candidate Mohamed Nazim, said on Tuesday night that if elected into office, he will offer a sovereign guarantee to individuals who have received land plots through the current administration's housing scheme.

In a program broadcasted by Television Maldives (TVM), Nazim affirmed that he would not revoke the land and flats granted by the current administration. He said that whether individuals had obtained land in Hulhumalé, Giraavaru, or Gulhifalhu, he would personally oversee efforts to safeguard those properties.

"My policy is that if [they] take the registration of the land, we will give a sovereign guarantee in our government so that the loan is given to the person. Under Islamic finance, the person, the bank and the contractor will have three people through a triparty agreement to provide a rule for the person to build houses," Nazim, a former Defence Minister, said.

He said that the state had already extended a sovereign guarantee of up to USD 130 million to various businesses and asserted that the same level of support should be extended to individuals developing homes.

"So, in my government, I will establish provisions within the banking system to ensure that individuals who have received land or own land in the country can build homes," said Nazim.

Nazim, one of the most accomplished entrepreneurs in the country's construction sector, revealed that two projects that have been completed by the current government were undertaken by Rasheed Carpentry & Construction (RCC), a company in which Nazim holds shares.

The projects Nazim, the Chairman of RCC, referred to were the 100 housing units built in Lhaviyani atoll Naifaru, and the One Central Park housing units in Hulhumalé.

Nazim, who is also the chairman of RCC, referred to the 100 housing units built in Naifaru and one central housing building in Hulhumalé.

"RCC has reached this stage thanks to the dedication of my father and elder brother, and it has been entrusted to us. It's a company with an exceptionally honest and proficient team, consistently meeting project deadlines. Drawing upon the company's extensive experience, I am confident that under my administration, we will streamline the housing process in the country," stated Nazim.

He said out that governments often struggle to provide housing because they lack the know-how and only stand a chance at success if they initiate housing projects right from the beginning of their term. Nazim added that many governments tend to commence housing initiatives only after being in office for three years.

"It typically takes around two to three years to finish a building, and specifically, it requires 24 months to complete a structure comprising 120 apartments. Therefore, when I assume office and aim to initiate this from November 17, it will be completed two years later," said Nazim.

"But this government has not done the same. And that's not what former President Yameen's government did. It will not end this way.”