The Maldivian Red Crescent (MRC) has signed an agreement with First National Finance Corporation to develop its land in Hulhumale’, marking a milestone in the organization’s efforts to expand and sustain its humanitarian services.
Under the agreement, both parties will collaborate on planning, financing, and construction to transform the site into a hub for MRC’s operations. The signing ceremony was held Wednesday at Maagiri Hotel.
“This project lays the foundation for sustainable humanitarian work in the Maldives,” said First National CEO Hassan Ziyath. “We’re proud to support an initiative that strengthens social resilience.”
MRC President Ali Nashid noted that the organization has long envisioned this development. “It will allow us to scale our disaster response, preparedness programs, and community-building efforts,” he said.
According to MRC, the initiative is the first of its kind in the Maldives to use a blended finance model, bringing together public, private, and social sectors to promote sustainable social impact. It also represents the largest land development project in MRC’s history.