India's Exim bank has agreed to loan 119 million dollars to the Maldives government in order to build 2000 more housing units in the greater Male' area.
President Ibrahim Mohamed Solih announced the news at a ceremony in New Delhi which was held in honor of his official trip to India.
Exim Bank reached an agreement with Fahi Dhiriulhun Corporation for the construction of 4,000 housing units in Hulhumale' under buyers credit of USD 228 million out of which, USD 34 million was disbursed in December last year to commence the project.
The government opened applications last month for the 4,000 flats being developed in Hulhumale'. The flats will be leased to residents of Male' as well as those who have been living in the city for more than 15 years.
At the ceremony held yesterday, President Solih and Prime Minister Narendra Modi also discussed pouring of first concrete of the Thilamale' Bridge connecting Male', Vilimale', Thilafushi and Gulhifalhu.