The Bank of Maldives’ Chief Executive Officer (CEO) Mohamed Shareef has emphasised the role of banks in national development, stating that their responsibility goes beyond generating profit to investing in key social and economic projects that improve living standards.
He made the statement at the groundbreaking ceremony and commencement of physical works for 1,190 housing units in Hulhumale’ Phase II under the BML Affordable Housing Project, officiated by President Dr Mohamed Muizzu.
The ceremony took place at the project site in Hulhumalé Phase II, managed by contractor Beijing Urban Construction Group (BUCG). The groundbreaking was conducted by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, and the Ambassador of China to the Maldives, Kong Xianhua, alongside senior officials from BML and BUCG.
Speaking at the ceremony, Shareef said that the construction of affordable flats has never been carried out in the Maldives at such a fast pace, with contracts awarded to multiple contractors. While similar projects took a long time for completion in the past, this project will be completed by mid-2028, he said. He said the pace of work will bring hope, happiness and satisfaction to thousands of Maldivian families. Every Maldivian citizen in need of housing will be provided with safe, adequate and affordable housing, he added.
Shareef said the economic development of a country is closely linked to its banking system and the primary responsibility of a national bank is not just to generate a financial profit, but to invest in important projects for the social and economic development of the country and improve the living standards of the people.
In his speech, Shareef noted that President Muizzu has been committed to the development of the Maldives, and thanked him for his strong policies and his rapid efforts for the economic and social development of the country. The progress witnessed today is the result of the President’s foresight, leadership, vision and tireless efforts to fulfill the needs of the people, he said.
The BML Affordable Housing Project is implemented by BML Affordable Leasing Pvt Ltd, a subsidiary of BML, under the government's ‘Housing for All’ policy. Operating on a lease-to-own framework, it provides a structured pathway to homeownership through residential flats across Hulhumale’ Phase I, Hulhumale’ Phase II, and Vilimale’, with 3,260 units to be developed in total.
With this groundbreaking, four separate developments under the scheme have now commenced physical works within March, including 1,224 units in Hulhumale’ Phase II by China Machinery Engineering Corporation (CMEC), 300 units in Vilimale’ by Rasheed Carpentry and Construction Private Limited (RCC), and 182 units in Hulhumale’ Phase I by FW Construction Company Private Limited. Work on 2,896 units has now officially commenced, with the groundbreaking for the remaining 364 units scheduled for 31 March. Practical completion of the entire 3,260-unit project is slated for the end of August 2028.