Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib has announced that the Government is prepared to offer concessions to contractors and developers to support the delivery of affordable housing.

He made the remarks while speaking at the groundbreaking ceremony for 1,224 housing units under the Bank of Maldives (BML) Affordable Housing Project in Hulhumalé on Saturday night.

During his address, Dr Muththalib emphasised that the Administration’s housing policy is focused on addressing the needs of the most vulnerable. He referenced a community meeting held in Henveiru last December, where President Dr Mohamed Muizzu met a 22-year-old woman whose health had been affected by overcrowded and poorly ventilated living conditions. Minister Dr Muththalib noted that the Government’s housing policy is focused on providing relief to individuals in such circumstances.

The Minister further explained that despite the challenging financial landscape inherited by the current Administration, the President had tasked his cabinet with identifying innovative and forward-thinking solutions.

One such measure is the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Regulation, which requires banks to contribute between 10 per cent and 15 per cent of their total loan portfolio to a dedicated housing fund.

The Minister also commended the shift in direction at BML under the leadership of Chairman Ali Habeeb and CEO Mohamed Shareef. He observed that while BML previously focused primarily on maximising commercial profits, the bank is now effectively balancing shareholder value with a commitment to projects that directly benefit Maldivian residents.