China Eximbank provides RMB 481 million loan for 1,000 Unit Housing Development Project in Hulhumalé
Constant 2017 USD
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Other social infrastructure and services (Code: 160)
Export Buyer's Credit
On August 30, 2010, the Export-Import Bank of China signed an agreement to provide the Government of Maldives with RMB 481 million in export buyer's credits for the development of 1,000 housing units in Hulhumalé. The precise loan details are unknown, but sources, such as ChinaDaily USA and CMEC, described the agreement as 'preferential' or 'concessional.' According to SinoMach, Ministry of Housing, Transportation and Environment of Maldives and China Machinery Engineering Corporation (CMEC) signed the project contract on March 21, 2011. This project involved the construction of 56 four-story buildings built on 39,600 square meters. The buildings were intended to reduce housing pressure in the nearby capital, according to ChinaDaily USA. According to CMEC's 2012 Annual Report, the contract value was 76 million USD. This project was deemed, at the time, as the largest-ever housing project in Maldives, as well as the largest economic cooperation project since the establishment of diplomatic ties between China and the Maldives. The project also served as Phase I of the 4,000-suite housing project in Maldives, according to CMEC.The groundbreaking ceremony took place on November 1, 2011, according to People's Daily Online and CMEC. According to CMEC, the project was handed on December 27, 2012, one month ahead of the schedule. The first resident moved in on July 29, 2013.As of February 2019, the China Eximbank loan was still being repaid (see 'ACTIVE EXTERNAL LOANS').
According to the Maldives Government Budget in Statistics Financial Year 2014, annual disbursements (in local currency MVR) from China Eximbank for this project were as follows:- 2010: 471,937,626 MVR- 2011: 93,678,432 MVRAdditionally, there is some conflicting information about the start and end dates of the project. Other sources report work before and after the code start and end dates, including a 'follow-up road project, but the coded dates were firm and came from credible sources, so they were chosen.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of the Maldives [Government Agency]
Implementing agencies [Type]
China Machinery Engineering Corporation (CMEC) [State-owned Company]; Maldives Ministry of Housing and Environment [Government Agency]