Minister of Economic Development Mohamed Saeed has stated the continuous support Maldives has been receiving in the form of loans leased by foreign countries shows the great trust in the Administration. The Minister made the statement while addressing the ceremony held to commence the construction of housing towers of State Trading Organisation (STO). The construction was inaugurated by Minister of Economic Development Mohamed Saeed, Minister of Environment and Energy Thoriq Ibrahim and Managing Director of STO Ahmed Shaheer.
Economic Minister Mohamed Saeed said with housing being one of the major issues faced by most Maldivians, the Administration pays high regard to solve the issue. Minister Saeed noted the staff are the most valuable assets of a company and said providing comfort by the means of delivering affordable housing to the staff is a priority of the Government. The Economic Minister highlighted that STO plays an integral and crucial role in the Maldivian economy and the advancement of the company is given a high regard by the administration.
img:http://s3.psmnews.mv/images/660x400/15196652117574.jpg|
Continuing on, Minister Saeed said the continuous support Maldives has been receiving in the form of loans leased by foreign countries shows the great trust in the Administration. In this regard the Maldivian Economic Minister noted the Administration is steadfast and keen in solving issues faced by all citizens irrespective of their position in the community.
The housing issue faced by Maldivians and noted President Abdulla Yameen Abdul Gayoom has broken the trend by introducing affordable housing development projects, Environment Minister Thoriq Ibrahim noted addressing the ceremony.
The development of the two housing towers would cost USD 27 million and the project would be completed within a period of two years, according to Managing Director of STO Ahmed Shaheer. He revealed a third tower would be developed to provide affordable housing for the staff of subsidiary companies of STO.
STO contracted Chinese construction company; the Twenty Third Metallurgical Construction to construct two towers consisting of 356 apartments, which include one-bedroom two and three bedrooms apartments. The towers are part of the Hiyaa Housing Project initiated by President Abdulla Yameen Abdul Gayoom and First Lady Fathimath Ibrahim, which is the largest housing development project carried out in Maldives. Private companies along with state companies and government offices have taken part in the first of its kind mega project.