Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib has described the new housing initiative supported by Bank of Maldives (BML) as a model introduced by President Dr Mohamed Muizzu to finance housing projects through local financial institutions.
The minister said the government’s housing projects aim to provide secure housing for people in difficult living conditions. He noted that the government faced challenges in securing foreign financing when it first assumed office due to the country’s then-financial situation. This prompted a shift towards domestic funding solutions, he said.
As part of this approach, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects, he noted.
The minister said the newly launched housing initiative with BML, which will deliver 3,260 housing units, is the result of the steps taken by the President to ensure continuity of housing projects. He described it as an innovative solution, noting that the units will be allocated under the government’s family housing policy.
The minister further said the project offers an opportunity to secure private housing through the bank under a rent-to-own model, which is a fixed-term model that does not require a large upfront payment.
Calling on local financial institutions, contractors and developers to work together for national development, the minister assured that the government will continue to provide support, cooperation and concessions. He added the current administration listens to the people and works to deliver on their needs.