Preparations are underway to launch an additional affordable housing project through the BML Affordable Home Leasing Company, a subsidiary of the Bank of Maldives, Ahmed Nazim Mohamed, the State Minister for the Ministry of Infrastructure, Housing and Urban Development, announced Thursday.
Appearing on the PSM News programme, State Minister Nazim noted that critical initiatives have already been launched to address severe housing shortages plaguing the Greater Malé region. Practical construction has commenced on 3,260 flats across Malé and Villimalé, spearheaded by the company.
The government is preparing to allocate further land to the corporation to facilitate expansion following recent discussions evaluating the bank's financial capabilities, State Minister Nazim said. "The practical implementation of this project has already commenced,” he remarked. “Furthermore, following discussions with the Bank of Maldives and an assessment of their financial capacity, we determined that an additional housing initiative is viable; consequently, efforts are currently underway to allocate further land parcels to the institution."
The comprehensive objective is the establishment of 4,000 housing units across the capital region, State Minister Nazim explained, noting the broader strategy encompasses ongoing projects in Gulhifalhu and prospective regional developments contingent upon future land acquisition. Outer island initiatives will be completed within the current administrative term to ensure citizens are safely settled, he assured.
This marks the first instance an administration prioritised initiating, completing, and settling a major development within a single term, the state minister noted, attributing the progress to robust collaboration among state institutions.