The Exim Bank of India has released funds required to begin the construction of 4,000 social housing units in Hulhumale’ Phase II under two different projects.
The two housing projects are carried out under the loan assistance of the Exim Bank of India. The agreement for the funds were signed between Fahi Dhirulhun Corporation (FDC) and the Exim Bank of India on September 23. Under the agreement, the Exim Bank has released USD 34 million as an advanced payment to begin construction of the housing units.
Loan agreements were signed for the construction of 2,000 social housing units under an EPC contract with NBCC India Limited and another 2,000 social housing units under an EPC contract with JMC Projects (India) Limited. The social housing units constructed under the two projects will include 2-bedroom and 3-bedroom units. The 2-bedroom units will have an area of 650 square feet, while 3-bedroom units will have 900 square feet.
FDC had earlier stated construction of the housing units will begin by the end of the year.