HDC Accumulates Debt of MVR 14 Billion

Photo: People's Majlis

Housing Development Corporation Limited (HDC) has accumulated a total debt of 14 billion rufiyaa as per an announcement by the company.

During a meeting of the Parliament’s State and Enterprises Committee, the Deputy Managing Director of HDC explained that the 14 billion rufiyaa was taken as loans for several projects over the years.

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He added that the loan repayment is being carried out with the State Budget as the current Hulhumale’ phase 2 projects do not generate any income.

He further stated that HDC had also handed over a project to remove a sand dune in the water park land plot in Hulhumale’ for 17 million rufiyaa.

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