Guarantee of USD 368.9 million for 7,000 flat project

Under the housing policy of the government, a decision has been made to give an assurance of USD 368.9 million for a loan from a Chinese company to build 7,000 flats in Hulhumalé.

Speaking at the Parliament's Economic Committee meeting today, MP Ahmed Nihan Hussain Manik said that the Finance Ministry has submitted the documents of the loan taken by the state from the Industrial Commercial Bank of China (ICBC) for the 7,000 social housing units in the second phase of the Hulhumalé Development Project, to the committee.

Informing the committee members on the letter from the Finance Ministry, MP Nihan said that the project is estimated at USD 434 million according to the Ministry and the government has decided to give a guarantee to the 85 percent of the total project which is USD 368.9 million.

The attorney general has ruled that the guarantee to start the project was legitimate and the President's Office has authorized to sign on behalf of the government to give the sovereign guarantee.