President Dr Mohamed Muizzu has disclosed plans to implement affordable housing loans with minimal interest rates, fulfilling a commitment made during the presidential election.
The President announced the plans to introduce these loans at a ceremony held to inaugurate the Fushidhiggaru Falhu reclamation project. Efforts are underway to introduce various housing loans through the banking system, with an official announcement expected soon.
President Muizzu affirmed that the loans, carrying an interest rate of less than five per cent, would be distributed in accordance with his commitment to the plots already allocated in Gulhi Falhu, Giraavaru Falhu, and Hulhumale’ by the previous government. Addressing concerns about delays in land allocation under the previous government’s landowners’ scheme, the President assured that the rights of those officially gazetted would be upheld, and the promises fulfilled.
Regarding the Fushidhiggaru Falhu reclamation project, President Muizzu outlined that 1,153 hectares of land would be reclaimed from the lake within eight months.
This project aims to provide a solution to Male’ city’s housing challenges, with an additional 85 hectares from Gulhi Falhu and 50 hectares from Giraavaru Falhu being made available to residents of Male’ and those in the atolls. The President emphasized the project’s role in addressing the persistent housing issues in Male’ city.