Government to guarantee loans for unfinished homes in Male’

Discussions are underway between the Housing Ministry and Finance Ministry to establish a mechanism to provide government loan guarantees for unfinished homes in Male’, President Mohamed Nasheed announced Friday in his weekly radio address.

President Nasheed said that an announcement will be made this week to invite applicants to seek loan assistance under the programme.

Of the 1,500 construction permits issued for Male’ from 2008 to date, said Nasheed, construction work has yet to begin on 47 percent of the houses. Work had ceased for 20 percent more while only 33 percent of homes reached completion.