A significant infusion of capital into the construction sector is projected to drive a 5 per cent expansion in the national gross domestic product, according to Mohamed Shareef, the chief executive of the Bank of Maldives (BML). Speaking at a ceremony marking the expansion of the bank’s branch and automated teller machine network, Shareef underscored the anticipated economic weight of the "Boahiyaavahikan Enmenah" policy, a flagship initiative of President Mohamed Muizzu designed to resolve the nation’s pressing housing challenges.
Central to this effort is the bank’s subsidiary, the BML Affordable Home Leasing Company, which has commenced the development of 3,260 housing units under the Inclusive National Affordable Housing programme. With preparations underway to break ground on an additional 540 units, bank officials expect completion by mid-2028.
"When evaluating the capital we are poised to inject into this sector over the upcoming two years," Shareef said, "our internal projections indicate that this investment will empower the construction industry to drive a 5 per cent increase in nominal GDP."
The projects are expected to fortify the bank’s financial portfolio, accelerate the velocity of capital, and generate robust employment. Shareef asserted that this prosperity would be broadly distributed, benefiting supply chain vendors and the wider economic architecture. To execute the initiative, the bank has partnered with international firms, including China Machinery Engineering Corporation and Beijing Urban Construction Group, alongside local enterprises AMIN Construction, FW Construction, and Rasheed Carpentry and Construction.