Letter of Intent exchanged with India’s Exim Bank to finance 2,000 housing units

The Letter of Intent has been exchanged between Fahi Dhiriulhun Corporation Limited and Exim Bank of India for the design and construction of 2,000 social housing units in suburban Hulhumale’.

The project is scheduled to be conducted with a loan of USD 130 million from Exim Bank, for which Maldives will be issuing a sovereign guarantee.

The Letter of Intent was exchanged in Male’ on Saturday evening, as part of Indian External Affairs Minister Dr. S. Subrahmanyam Jaishankar’s ongoing visit to Maldives.

Fahi Dhiriulhun Corporation signed a procurement and construction (EPC) contract with NBCC (India) Limited for the construction of 2,000 housing units earlier this February.

Speaking to Sun, Fahi Dhiriulhun Corporation’s Managing Director Salfiyya Anwar noted that the project is long awaited by the people of Maldives.

“We are engaged in formalities pertaining to the loan at present. If everything goes well, construction can begin as early as May,” said Salfiyya.