The Industrial and Commercial Bank of China (ICBC) has granted a loan to the government of the Maldives to develop 7,000 housing units under the first social housing project of reclaimed suburb Hulhumale’s second phase of development.
ICBC’s loan is the largest one taken by the government to fund a housing project. Housing Development Corporation (HDC) did not disclose the amount but stated that ICBC granted the loan at an interest rate of less than four percent, to be repaid within 15 years.
Speaking at the location of the housing project, HDC’s Managing Director Mohamed Saiman told Mihaaru that ICBC’s loan will finance the development of 16 towers of 25 storeys. The apartments will measure 550 square feet and feature two bedrooms and two bathrooms.
“Though we haven’t settled on the prices of [the apartments] yet, we will provide them at suitably low rates,” assured MD Saiman.
The contractor of the project is China State Construction Engineering Corporation.
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Source URL: Mihaaru-News