Bank of Maldives (BML) Affordable Home Leasing Company Pvt Ltd has officially commenced construction of its five affordable housing projects.
The launch was marked at a ceremony held in Hulhumale on 27 January, signaling a major milestone in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH). The ceremony was attended by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML Chief Executive Officer and Managing Director Mohamed Shareef.
The completion of these projects will see the delivery of 3,260 affordable housing in Hulhumale Phase 1, Phase 3 and Vilimale to be disbursed on a lease-to-own basis, playing a key role in addressing the country’s housing demand. Through the commencement of these five projects, the BML and BML Affordable Home Leasing Company reaffirm their commitment to supporting national housing priorities, strengthening local industry participation, and expanding access to affordable home ownership in line with the MMA’s vision of a more inclusive and resilient financial system.
Speaking on the projects, Minister Muththalib said BML’s efforts to ensure the success of the government’s housing policy are exemplary. While the projects are expected to reach completion by July 2028, the Minister said the project will become the first housing project to be initiated, completed and handed over within a single presidential term. The Minister further said the project is an important step in seeking creative and innovative solutions to the housing crisis even in the midst of economic difficulty.
According to BML’s CEO Shareef, the projects are being implemented by both local and international contractors selected through a rigorous evaluation process aligned with the governance, risk, and compliance standards set under INAH. The projects were awarded to local contractors Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd as well as international contractors Beijing Urban Construction Group and China Machinery Engineering Corporation.
Shareef said the government’s National Housing Affordability and Accessibility Policy has paved the way for supporting the construction and housing sectors in the Maldives. He said the bank has already given high priority to the housing sector, with outstanding loan disbursement to the construction and housing sector reaching USD 350 million by the end of last year. A total of USD 136 million was disbursed last year alone to local companies and individuals, he noted.