President Dr Mohamed Muizzu has announced that initial payments have been disbursed for several housing projects being implemented under the contractor finance model through Bank of Maldives (BML), with on-site work expected to commence soon.

He made the remarks during a press briefing at the President’s Office on Monday in response to a question on the progress of housing projects in the atolls.

President Dr Muizzu said multiple housing projects across the atolls are being executed under the BML-facilitated contractor finance model, noting that all required agreements were finalised during Ramadan following the completion of administrative procedures.

Under this arrangement, housing developments are planned across 13 islands.

“The procedures required under the contractor finance model took time to complete. All agreements were signed during Ramadan, and the first disbursements have now been made. This marks the release of initial payments, and mobilisation will begin shortly,” the President said.

He added that while there had been minor delays in concluding agreements for projects in sectors such as education, health, and mosque construction under the same model, implementation is now expected to accelerate.