President Ibrahim Mohamed Solih has announced that the government has secured finances to build additional housing units in the capital city of Male'.
Addressing the public via live broadcast this evening to launch the government "Gedhoruveriya" loan scheme, President Solih said that his administration had always prioritized a decentralized approached to ensure fair housing for residents of all areas.
With this, he provided updates on the housing project underway for residents of Malé City.
President Solih announced that the government had signed agreements to develop 7,000 flats and secured finances for an additional 4,000 units.
President Solih assured that he would fulfill his pledge to provide affordable housing options for a large percentage of the public by the end of his term.
Earlier, the President had unveiled a housing loan scheme initiated intended primarily for residents living outside of the main cities to allow for easier access to housing finance.
He said the “Gedhoruveriya” scheme entails low interest, low monthly repayment rates, and extended repayment options
.Borrowers who wish to complete a previously initiated home construction project are eligible for a loan totaling MVR700,000. Monthly repayment rates would not exceed MVR5,000.
