Vice president Dr. Mohamed Waheed has called on the Maldives Monetary Authority and the banking sector, for a more feasible way of loan arrangement for construction purposes.
The Vice President made this request while speaking at the opening of the first “ACE Hardware and Home Centre” in the Maldives, noting that the fact that landholders are unable to build on their property due to the high mortgage rate in Male’, makes a dent in the country’s economy.
At the ceremony held at Traders Hotel, the Vice President said that the cabinet had decided on the arrangement of home construction loans for individuals in need of assistance, to complete the construction of privately owned buildings, with loan guarantee from the government.
Vice President Dr. Waheed also highlighted that the opening of an ACE Hardware shop in the Maldives shows that international business companies trust the economic status of the country. He also noted that the investment of major companies will make way for better change in the country’s economic and infrastructure development.