The Maldives has launched the "Hiyaavehi Finance Scheme," a new initiative designed to provide affordable housing through soft loans, fulfilling a promise by President Mohamed Muizzu. The scheme offers tiered loan caps based on location, with MVR 1 billion allocated for the program and an additional MVR 1.5 billion for social housing projects in the upcoming budget. The initiative aims to assist individuals without land in building new homes and completing repairs, with loans available at a 5% service charge and a repayment term of up to 25 years.