The government has signed a Memorandum of Understanding with the Maldives Association of Construction Industry (MACI), on the allocation of land for MACI to build a vocation training facility and construction house. President Dr Mohamed Waheed attended the MoU signing ceremony which was held last evening at Traders Hotel.
The agreement was signed by the Minister of Housing and Infrastructure Doctor Mohamed Muiz and the President of MACI Mr Mohamed Ali Janah.
Speaking at the ceremony, President Waheed expressed his confidence that the allocation of the land to MACI would help further promote the construction industry. He said that the government has arranged the providence of financial assistance of 150 Million Rufiyaa through the Maldives Housing and Finance Corporation, with the government as a guarantor, for families to complete the construction of housing projects. The President expressed his hopes that the programme would benefit those working in the construction industry, and the whole economy as well.
Noting the difficulties in mortgaging land plots in islands, President Waheed said that currently, only the Bank of Maldives provided the service. The President said that arrangements were being made so that other banks too could provide the same mortgage loan service, and that the government would do the extra work in creating the necessary laws.
At the ceremony, an agreement was also signed to establish an employers’ federation. The agreement was signed by Maldives Association of Construction Industry (MACI), Maldives Association of Tourism Industry (MATI), Maldives Association of Travel Agents and Tour Operators, Maldives Association of Yacht Agents, Restaurant Association, and Live Aboard Association of Maldives.