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India signs Pact for construction of Social Housing Units in Maldives

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India signs pact for social housing units in MaldivesOn September 23, 2021, EXIM (Export Import) Bank of India completed its agreement with Fahi Dhiriulhun Corporation Limited (FDC) of Maldives to provide a Buyers Credit of ∼$228 million for the construction of 4000 Social Housing Units in Hulhumale’ Phase II.

  • The construction will be undertaken by India’s National Buildings Construction Company (NBCC) and JMC Projects (India).
  • A total of 2800 units of 3 bedrooms and 3 toilets, and, 1200 units of 2 bedrooms and 2 toilets will be constructed under this.

Signing Ceremony:

The virtual signing ceremony was attended by Maldives’ Minister of Economic Development Fayyaz Ismail, Minister of Finance Ibrahim Ameer and India’s High Commissioner to Maldives Sunjay Sudhir, along with representatives from EXIM Bank, FDC, NBCC and JMC.

Other Projects in Maldives with Indian Assistance:

i.India had extended over $ 2 billion in concessional loans to undertake infrastructure development projects which include the following:

  • Bridge project- Maldives largest infrastructure project connecting 4 islands in Greater Male; expansion of airports; port infrastructure; Roads and reclamation; and sports infrastructure along with Social sector projects.

ii.NBCC is involved in executing the largest Indian grant project in the Maldives – National College for Policing and Law Enforcement Studies (NCPLES) in Addu City.

Recent Related News:

Union Cabinet approves the Memorandum of Understanding (MoU) signed between the Ministry of Housing and Urban Affairs (MoHUA), Government of India and Ministry of National Planning, Housing and Infrastructure, Government of Maldives on cooperation in the field of Sustainable Urban Development.

About Maldives:

Capital – Male
Currency – Maldivian rufiyaa
President – Ibrahim Mohamed Solih