Bank of Ceylon to provide loans for reclaiming land in Hulhumalé

Bank of Ceylon (BOC) has decided to provide a lon of US$30 million to the Housing Development Corporation (HDC) to reclaim land in the island of Hulhumalé.

HDC Chairman Hassan Ziyath has told local media that the agreement on the matter will be signed within the week.

He revealed that the loan will be paid back within a five year period at an interest rate of 8 percent. The bank is also offering a grace period of two years.

Ziyath stated that physical work to reclaim land in Hulhumalé will commence in early October. The work has been contracted to Belgian company Dredging International.