(MENAFN- NewsIn Asia)
Male, October 31 (neewsin): Maldivian President Dr. Mohamed Muizzu has announced that MVR 2.5 billion (US$ 162.8 million) will be allocated for housing loans as part of the government's commitment to addressing housing issues.
Speaking during the announcement, President Muizzu noted that housing and development are key priorities, with dedicated resources allocated to make affordable housing a reality. He also shared that the initiative will create opportunities for eligible applicants, aiming to ease housing challenges through structured and sustainable support.
President Muizzu said efforts will made to increase digital currency and introduce a regulatory framework for cryptocurrency. Government will also facilitate electronic payments and digital transactions across various sectors.
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The President addressed the need for expert planning, highlighting that an educated approach to this initiative is crucial.
He assured that additional measures will be taken to resolve other housing issues, including addressing longstanding challenges in the housing sector.
President revealed that MVR 1.5 billion (US$97.7 million) will be allocated to finance housing construction projects, making this one of the most significant housing loan programs in recent times.
“For the first year, these loans will be offered at a competitive 5% interest rate, with a budget of MVR 1 billion (US$ 65.1 million) available for initial loan distribution,” he added.
During this announcement, President Muizzu detailed that additional incentives will be developed to encourage investment in the housing sector.
Furthermore, creative economic frameworks will be established to ensure loan recipients have sustainable repayment options. The government is actively engaging in creating accessible funding channels to promote an economy that fosters affordable housing solutions.
President Dr. Mohamed Muizzu has set an ambitious target to boost the Maldives' digital economy, aiming to have it contribute 15% to the country's GDP by 2030.
As part of this plan, efforts will be directed towards increasing digital currency use and introducing a regulatory framework for cryptocurrency. In collaboration with the MMA, measures will also be taken to support financial inclusion by facilitating electronic payments and digital transactions across various sectors.
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