BML subsidiary awards major contracts to advance national affordable housing scheme

BML Affordable Home Leasing Company Pvt Ltd, a wholly owned subsidiary of the Bank of Maldives, has awarded major construction contracts to begin developing new affordable housing units in Hulhumalé’, marking a key milestone in the implementation of the Maldives Monetary Authority’s Inclusive National Affordable Housing Scheme (INAH).

According to BML, additional housing units will also be awarded to Maldivian construction companies. Construction of more than 3,000 housing units is expected to commence in January.

The company was established specifically to deliver the objectives of the scheme mandated by the Maldives Monetary Authority, which requires commercial banks to allocate between 10 and 15 percent of their lending portfolios to affordable housing solutions aimed at expanding home ownership among Maldivians. Construction works under the scheme are scheduled to begin in January 2026.

As part of the initiative, BML Affordable Home Leasing Company has engaged two international construction firms to develop multiple residential plots in Hulhumalé’, with a focus on timely delivery and construction quality.

China-based Beijing Urban Construction Group has been awarded a contract to develop 1,117 affordable housing units across four plots in Hulhumalé’ Zone 2, covering a total land area of approximately 13,475 square metres. The firm has previously undertaken major infrastructure projects in the Maldives, including upgrades to the primary runway at Velana International Airport.

Another Chinese firm, China Machinery Engineering Corporation, will construct 1,224 affordable housing units in Hulhumalé’. CMEC has previously completed the Vinares Housing Project and is currently undertaking infrastructure works in Gulhifalhu and Hulhumalé’ Phase III.

According to BML Affordable Home Leasing Company, the contractors were selected through a rigorous evaluation process aligned with the governance and risk standards set under the INAH framework. Both companies were assessed based on their financial capacity, international project management expertise, and experience in the Maldivian construction environment.

BML Affordable Home Leasing Company operates with the full approval of the Maldives Monetary Authority and in strict adherence to Shari’ah principles, underscoring its mandate to support inclusive housing finance.

Through the initiative, the Bank of Maldives and its subsidiary reaffirmed their commitment to national housing priorities and to expanding access to affordable home ownership, in line with the central bank’s vision of a more inclusive and resilient financial system.