The Bank of Maldives (BML) will significantly expand its affordable housing initiative through the construction of 540 additional residential units, the institution’s chief executive officer, Mohamed Shareef, has announced. The expansion, unveiled during an event marking the commencement of 364 units currently under development, aligns with the government’s "Boahiyaavahikan Enmenah" policy, a national endeavour spearheaded by President Dr Mohamed Muizzu to guarantee adequate shelter for every Maldivian family.
Shareef said the BML Affordable Home Leasing Company committed to this latest portfolio expansion to address persistent market demand. "We have resolved to construct an additional 540 units," Shareef said, noting the objective is to delegate the project to a domestic firm or consortium to ensure completion prior to the conclusion of 2028. "Consequently, this development will bring the total number of residences established by the BML Affordable Home Leasing programme to 3,800 units. It is our earnest expectation that the practical work on these 540 units will commence imminently."
The financial architecture is governed by Maldives Monetary Authority regulations, allowing customers of the Maldives Islamic Bank to access financing at mandated favourable rates. Shareef envisioned broader engagement from the financial sector. "Should other financial institutions opt to participate in this scheme, I project that the 3,800 units currently under development will expand, ultimately reaching a total of 5,000 units," he said.
The realisation of the 3,800 housing units over two-and-a-half years will necessitate a capital injection of approximately USD 369.13 million, Shareef added. This localised investment is anticipated to stimulate a 3 per cent expansion in the nation’s nominal gross domestic product, he said, catalysed directly by robust activity within the construction sector.