President guarantees annual funding for Hiyaavehi Financing

President Mohamed Muizzu has guaranteed that the Hiyaavehi Financing Programme will be a continuous budgetary opportunity, with funding allocated every year to address the country’s housing challenges. The President made this statement during the inauguration of the scheme. In his address, President Muizzu emphasized that, alongside policies related to national independence, securing adequate housing for all citizens remains a top priority throughout his administration. He further highlighted that the government’s proposed budget for the upcoming year includes USD 64.9 million for the Housing Finance Scheme, in addition to a separate allocation for government-run social housing projects. The Hiyaavehi Financing Programme is designed to provide affordable loans for the construction of homes on vacant land, with a nominal service charge of just 5%. It is an integral part of the government’s broader strategy to address the housing shortage and offer financial support to citizens in need. President Muizzu also reiterated that the government has already begun addressing housing issues from the very first day of his administration. In accordance with the government’s manifesto, he assured that by the end of 2028, every citizen will have access to housing, ensuring that no Maldivian will be left without the opportunity to own or rent a home.