During a ceremony held yesterday evening, a Letter of Intent has been exchanged between the Exim Bank of India and Fahi Dhiriulhun Corporation Limited to finance the design and construction of 2,000 social housing units that will be situated in Hulhumale’ City – ticking as formalities pertaining to the loan.
The ceremony was in attendance by the Minister of External Affairs of the Republic of India, His Excellency Dr. S. Jaishankar, as part of his ongoing official visit to the Maldives. The Minister of Foreign Affairs of the Maldives, His Excellecy Dr. Abdulla Shahid was also present during the event.
This project will be carried out by a loan of USD 130 million which will be issued to the Maldives as a sovereign guarantee by the Bank.
Earlier this February, Fahi Dhiriulhun Corporation Limited signed a procurement and construction contract with NBCC (India) Limited - an Indian state-owned company which specializes in project management, real estate development and EPC contracting – for the construction of these housing units. The project involves the construction of 1,400 three-room units of 900 square feet and 600 two-room units of 650 square feet.
Both the Minister noted during the ceremony that they were thrilled with the ever increasing interest of Indian investors in the Maldives.