New Bank-Funded Housing Project to Deliver 3,260 Units in Maldives

The Maldivian government has launched a new housing initiative in partnership with the Bank of Maldives (BML), designed to deliver 3,260 housing units. Construction Minister Dr. Abdulla Muththalib described the project as an innovative domestic financing model championed by President Dr. Mohamed Muizzu. Minister Muththalib stated the government's primary housing goal is to provide secure homes for citizens living in difficult conditions. He explained that challenges in securing foreign financing after the administration took office prompted a strategic shift towards local funding solutions. As part of this shift, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects. The newly launched BML initiative is a direct result of these policy steps, according to the minister. The housing units will be allocated under the government's family housing policy. The project utilizes a rent-to-own model, allowing applicants to secure private housing through the bank without a large upfront payment, under a fixed-term agreement. Calling for collaboration, Minister Muththalib urged local financial institutions, contractors, and developers to work together for national development. He assured that the government will continue to provide support, cooperation, and necessary concessions, emphasizing the administration's focus on listening to and delivering for the people.