Construction will be undertaken by National Buildings Construction Company (
) and (India) Ltd. The companies have rich experience in real estate development and civil construction projects, both in India and abroad. The two companies have already signed contracts with FDC to finalize the construction and design details of the projects. With the conclusion of buyer credit agreements today, companies will immediately move to the implementation phase of the project.
A total of 2,800 units of 3 bedrooms and 3 toilets, and 1,200 units of 2 bedrooms and 2 toilets will be built under the two projects.
The virtual signing ceremony was attended by Minister of Economic Development Fayyaz Ismail, Minister of Finance Ibrahim Ameer and High Commissioner Sunjay Sudhir, as well as representatives of EXIM Bank, FDC, NBCC and JMC.
In his remarks, Sudhir said that as the Maldives’ comprehensive development partner, India has provided more than $ 2 billion in concessional loans to undertake infrastructure development projects. This included the bridge project – the largest infrastructure project in the Maldives connecting 4 islands of Grand Malé, the expansion of airports, port infrastructure, roads and rehabilitation and sports infrastructure. In addition, concessional assistance was also used to undertake social sector projects to increase the capacity of the fisheries sector, build a cancer hospital and establish a water and sanitation network in 34 islands of the Maldives. The housing deals marked India’s biggest foray into the Maldives’ high-priority housing sector, a sector previously dominated by another large Asian country.
Fayyaz thanked India for its support in meeting the social housing needs of Maldivians. He noted that housing units built with India’s help would be a constant reminder to their Maldivian occupants of the close relationship between India and the Maldives. He stressed that access to affordable housing, a key priority for the government of Maldives under President Solih, would have a positive impact on the economy by increasing people’s disposable incomes and helping to further decongest the city of Malé. . Finance Minister Ameer praised the transparent process that was followed in concluding these agreements. He noted that the housing units on offer would be much more spacious and at much lower rates than projects concluded earlier under previous governments. He also recognized the enormous contribution of Indian tourists who pushed the Maldivian economy towards a rapid post-pandemic rebound.
The NBCC is involved in the execution of the largest Indian grant project in the Maldives – the National College of Police and Law Enforcement Studies (NCPLES) in the city of Addu. NBCC has also executed high added value projects abroad, notably in Mauritius (Supreme Court building in Port Louis) inaugurated by PM Modi and PM Pravind Jugnauth in July 2020) and the Mahatma Gandhi International Convention Center (MGICC) in Niamey, Niger which hosted the Organization. Conference of Ministers of Islamic Countries (OIC) in November 2020.
JMC Projects India Ltd., one of the leading civil construction and infrastructure EPC companies in India, is one of the contractors executing the water and sewerage network project financed by a concessional loan of $ 107 million from ‘EXIM.
