FDC settles outstanding USD 11.5 million payment of 4,000 housing units project

FDC Managing Director Hamdhan Shakeel disclosed that outstanding USD 11.5 million for 4,000 housing units in Hulhumale' Phase II has been fully paid. Project by Kalpataru Projects International Limited (KPIL) and NBCC, financed by Government of India (15%) and Maldivian government. Total project cost USD 267 million. Previous government's payment delays caused setbacks; current government paid within first six months. Work progress: 31% under previous administration, additional 32% in first eight months of new government. Project aims for completion by July 2025.

FDC Managing Director Hamdhan Shakeel disclosed that outstanding USD 11.5 million for 4,000 housing units in Hulhumale' Phase II has been fully paid. Project by Kalpataru Projects International Limited (KPIL) and NBCC, financed by Government of India (15%) and Maldivian government. Total project cost USD 267 million. Previous government's payment delays caused setbacks; current government paid within first six months. Work progress: 31% under previous administration, additional 32% in first eight months of new government. Project aims for completion by July 2025.

FDC Managing Director Hamdhan Shakeel disclosed that outstanding USD 11.5 million for 4,000 housing units in Hulhumale' Phase II has been fully paid. Project by Kalpataru Projects International Limited (KPIL) and NBCC, financed by Government of India (15%) and Maldivian government. Total project cost USD 267 million. Previous government's payment delays caused setbacks; current government paid within first six months. Work progress: 31% under previous administration, additional 32% in first eight months of new government. Project aims for completion by July 2025.

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