Fahi Dhiriulhun Corporation Limited (FDC) has signed the loan agreements for the construction of 4,000 new housing units to be developed by the corporation.
The loan agreements were signed with two different Indian companies during a virtual ceremony held on September 23. Loan agreements were signed for the construction of 2,000 social housing units under an EPC contract with NBCC India Limited and another 2,000 social housing units under an EPC contract with JMC Projects (India) Limited. FDC stated the loans are worth USD 116 million and USD 110 million respectively.
The social housing units constructed under the two projects will include 2-bedroom and 3-bedroom units. The 2-bedroom units will have an area of 650 square feet, while 3-bedroom units will have 900 square feet. FDC said construction of the housing units will begin later this year.
The ceremony held to sign the loan agreements was attended by Minister of Economic Development Fayyaz Ismail, Minister of Finance Ibrahim Ameer, High Commissioner of India to the Maldives Sunjay Sudhir and senior officials of FDC.