FDC signs two loan agreements with India's EXIM Bank under sovereign guarantee

Fahi Dhiriulhun Corporation Limited (FDC) signed two loan agreements with India's EXIM Bank for the construction of 4,000 housing units on September 23, 2021. (Photo/FDC)

Fahi Dhiriulhun Corporation Limited (FDC) has signed two loan agreements for the construction of new housing units - which the Government of Maldives has provided a sovereign guarantee for.

The two loan agreements signed by FDC today are pertaining to the funds required for the construction of 4,000 housing units in Hulhumale' Phase 2 - to be developed by the company.

Accordingly, loan agreements worth USD 116.45 million and USD 110.5 million were signed with India's EXIM Bank.

The agreements were signed during a virtual ceremony held today - which was guested by officials from EXIM Bank, Economic Minister Fayyaz Ismail, Finance Minister Ibrahim Ameer, and Ambassador of India to the Maldives Sunjay Sudhir.

Speaking at the ceremony, Minister Fayyaz said that ensuring affordable housing for the people is a priority for the current administration. Minister Ameer added that housing units that will be constructed under the agreements signed today will be much cheaper compared to most other housing units.

Ambassador Sunjay Sudhir assured that India would continue to provide assistance to the Maldives in carrying out important development projects.

FDC had contracted the construction of the housing units to two Indian companies; NBCC India Limited and JMC Projects (India) Limited. Each company will undertake the construction of 2000 housing units.

The housing units constructed under both projects will consist of two-bedroom and three-bedroom apartments. In this regard, the two-bedroom apartments will measure up to 650 sqft - whereas the three-bedroom apartments will measure up to 900 sqft.