The Bank of Maldives (BML) has received approval for the drawings of all but one of the housing projects slated under the government’s ambitious housing scheme, and construction is set to begin, Chief Government Spokesperson Mohamed Hussain Shareef has announced.
Speaking at the fourth meeting of the “Presser with the Spox” series, Hussain Shareef told journalists that the administration has decided to increase the number of units allocated to the BML scheme by another 710, on top of the original 3,260 units awarded for the Hulhumale' Phase I, Phase III and Villimale' developments. The additional units will bring the total number of homes to be built to around 4,000.
“BML has the capacity to increase the number of units. Another 710 units have been added to the scheme, and site mobilisation has already been completed. Both local and foreign contractors are on board, and we expect the bulk of the work to be finished within the planned timeline,” he said.
The Spokesperson also highlighted the government’s continued reliance on the advice of financial institutions, noting that while the country is moving forward in light of recommendations from the banking sector, it must not lose sight of essential public services.
According to the Spokesperson, economic activity should be carried out while improving the nation’s finances. Though financial institutions remain key partners, the government will balance these interests and seek the most convenient path forward, he added.
The 3,260‑unit project was inaugurated by BML in March, marking a significant step toward addressing the Maldives’ housing shortage.