Bank of Maldives (BML) has held a groundbreaking ceremony for the development of 182 housing units in Hulhumalé Phase I under its Affordable Home Leasing project, as part of the Government’s housing policy to expand access to housing.

President Dr Mohamed Muizzu attended the ceremony, which was attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML CEO and Managing Director Mohamed Shareef, BML Affordable Home Leasing Managing Director Hassan Shaam and FW Construction Managing Director Ibrahim Waheed.

Speaking at the ceremony, MD Shareef said the Government’s ‘Housing for All’ policy is being implemented at a rapid pace to address one of the most pressing social challenges faced by Maldivians, noting that a national bank has a responsibility not only to generate financial returns but also to invest in projects that support socio-economic development and improve living standards, while adding that BML’s nationwide reach allows it to contribute meaningfully to such initiatives.

He said investments in housing projects would support economic growth, revitalise the construction sector and provide affordable housing opportunities for families, while contributing to broader community development across the country.

The project is being implemented through BML Affordable Home Leasing Company under the Inclusive National Affordable Housing (INAH) programme, which aims to develop a total of 3,260 housing units by mid-2028 across Hulhumalé Phase I, Phase III and Vilimalé, with construction carried out by both international and local contractors including China Machinery Engineering Corporation (CMEC), Beijing Urban Construction Group (BUCG), Ameen Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry and Construction Pvt Ltd.