An expansion of housing development projects linked to Bank of Maldives is expected to contribute to economic activity, with the bank estimating a potential 5 per cent increase in nominal gross domestic product over the coming years.
Speaking at an event held to mark the expansion of the bank’s branch and automated teller machine network, Chief Executive Officer Mohamed Shareef said planned capital flows into the construction sector would play a role in supporting growth. He referred to the government’s “Boahiyaavahikan Enmenah” policy, which focuses on addressing housing demand.
Under this initiative, the bank’s subsidiary, BML Affordable Home Leasing Company, has commenced development of 3,260 housing units under the Inclusive National Affordable Housing programme. Preparations are also underway to begin construction on an additional 540 units, with completion of the projects targeted for mid-2028.
Shareef said internal projections indicate that investment planned over the next two years could support expansion in the construction sector, contributing to a 5 per cent increase in nominal GDP.
The projects are also expected to generate employment and support activity across related sectors. The bank has engaged both international and local contractors for implementation, including China Machinery Engineering Corporation and Beijing Urban Construction Group, alongside AMIN Construction, FW Construction, and Rasheed Carpentry and Construction.
