President Ibrahim Mohamed Solih has announced the government's plan to initiate a nationwide mega housing project worth USD 78 million.
Speaking at the ceremony held at Kulhudhuffushi City to mark the National Youth Day, President Solih said the purpose of the project is to alleviate the housing situation across the country within the next two years.
Additionally, the government has stated it will provide residents in the atolls with soft loan schemes as part of its efforts to increase opportunities to receive housing. The purpose of introducing loan schemes is to assist atoll residents who are not able to receive an income for various reasons and finance the development of their homes.
The government has also made efforts to complete the development of housing units in areas where such projects have been stalled. However, Minister of National Planning, Housing and Infrastructure Mohamed Aslam said the government is facing challenges in contracting construction companies willing to develop housing units at reasonable prices.
The government is currently focused on completing the development of 500 housing units in the five islands most in need of housing, with the aim of completing development by the end of the year. The development of 5,000 housing units across the Maldives is ongoing and is at various stages of completion, highlighted Minister Aslam.
President Solih has said the government aims to develop 13,000 housing units across the country and also solve the housing problem in the Greater Male' Area.