Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef has said the national bank has a responsibility to invest in projects that contribute to socio-economic development and improve the living standards of the public.

He made the remarks at the groundbreaking ceremony for 1,190 housing units under the BML Affordable Housing Project in Hulhumalé Phase II, implemented under the Government’s ‘Housing for All’ policy, with works carried out by Beijing Urban Construction Group (BUCG).

Speaking at the ceremony, CEO Shareef said the scale and pace of ongoing housing developments mark a significant shift compared to previous projects, noting that the initiative is expected to be completed by mid-2028 and would provide safe and affordable housing to thousands of Maldivian families. He added that the economic development of a country is closely linked to its banking system, emphasising that the role of a national bank extends beyond generating profit to investing in key development projects.

He further noted that the project would help ease financial pressures faced by households, while contributing to broader economic growth, highlighting that the bank’s nationwide reach enables it to play a meaningful role in supporting national development.

CEO Shareef also provided updates on the housing programme, stating that construction of 1,706 units commenced earlier, with a total of 2,896 units now underway following the latest groundbreaking, while works on the remaining 364 units are scheduled to begin shortly as part of the wider 3,260-unit project planned under the scheme.