Pres Solih pledges housing fund, microloan and rent control

President Ibrahim Mohamed Solih addresses a campaign rally in GDh. Hoadedhdhoo on August 8, 2023. (Photo/MDP)

President Ibrahim Mohamed Solih has promised to establish a housing fund to address the country’s housing crisis, issue microloans to finance construction of homes, and introduce policies to control the rent, if elected for a second term in office.

He made the pledges during a campaign rally in GDh. Hoadedhdoo on Tuesday.

Addressing the rally, President Solih said that housing is one of his administration’s top priorities.

He said that his goal is to ensure that each citizen leads a peaceful and respectable life.

“We will establish a housing fund through law, and facilitate microloans for the housing sector,” he said.

The president said that he plans on establishing a designated bank for the purpose, adding that the interest rate for loans will top at 6 percent.

He also said that the equity will be capped at 10 percent for first-time loan-takers.

“We will regulate the real estate market. You know very well how much the rent is rising in Male’ and the atolls. So, we will ensure flats and housing units are provided to citizens through a sound legal policy,” he said.

The president noted that MDP has always won a great majority from Hoadedhdhoo, and said it was because MDP’s values aligned with that of the people of Hoadedhdhoo.

He added that his administration had fulfilled its economic pledges, in face of huge challenges, including the Covid-19 pandemic and the Russia-Ukraine war, which has raised global fuel prices.