Housing Development Corporation (HDC) has assured that the corporation is capable of repaying loans taken for the Phase II of the Hulhumale’ Development Project.
Land reclamation under Phase II of the Hulhumale' Development Project was completed in March 2015. Upon completion of the land reclamation project, Housing Development Corporation (HDC) prioritized establishing means to provide the public with essential needs such as electricity, water and sewerage facilities, and other developmental projects.
Managing Director of HDC, Mohamed Saiman stated that investments in the project so far, add up to USD 1.5 billion, adding that majority are foreign investments and bank loans.
Affirming that the assets worth USD 3 billion in HDC alone prove that government is capable of paying loans, Saiman assured that HDC is capable of paying back the debts
While investments in the project within the past 2 years and 10 months total to USD 1.5 billion, HDC estimates that on completion around USD 7 billion would have been spent to complete the project.
Phase I of Hulhumale’ was developed targeting a population of 60,000. However Phase II is being developed for a population of 100,000.
HDC lauded the initiative of President Abdulla Yameen Abdul Gayoom expressing that development work is progressing at a fast pace due to the priority given by the government towards the project.