The Cabinet has decided to introduce low-interest loan schemes for housing by March. The decision was made following discussions on a proposal submitted by the Ministry of Housing, Land and Urban Development.
At a press conference, Principal Secretary to the President Abdulla Nazim Ibrahim said the Cabinet discussed establishing a trust fund for housing and infrastructure development and financing low-interest loan schemes. Highlighting that ensuring housing for all citizens is a key policy of President Muizzu, he said the Cabinet extensively discussed the introduction of a low-interest soft loan scheme for housing.
Additionally, Nazim said the Cabinet decided to finalise the terms of the soft loan scheme within the first 100 days of the administration, as per President Muizzu's roadmap for his first 14 weeks in office. The President also decided to conduct comprehensive deliberations at the Economic Council to explore potential avenues within the banking sector for financing housing and infrastructure development, as well as public low-interest loan schemes. The President decided to hold further discussions with the Development Bank and other financial institutions to find a solution for providing social housing loans through integrating government-announced loan schemes.
Furthermore, Nazim revealed that President Muizzu has decided to establish a dedicated social housing category for local employees in the tourism sector. The decision was made following comprehensive discussions at the Cabinet on a proposal submitted by the housing ministry. The proposal suggested allocating a portion of the planned development of housing facilities to urban centres and social housing projects nationwide. It also proposed allowing local employees working in regions far from their native residential islands to apply for low-rent Council Housing if such initiatives have been launched.
Moreover, the Cabinet made the decision to introduce a bill to regulate housing projects included in the Week-14 roadmap. Solving the housing crisis stands as a top priority for the new administration, marked by a major housing project in the Greater Male' Region, named Ras Male'. President Muizzu has vowed that every resident of Male' will be guaranteed housing by the project's completion.