According to Housing Development Corporation (HDC), the company currently has an outstanding loan portfolio of USD776 million.
Moreover, this was confirmed by Mr. Ahmed Sham, the Chief Financial Officer of the corporation during a parliament session on 24th September, Friday. As per Mr. Sham, these loans were acquired from a total of 15 different banks ranging from a total of four countries.
During the previous state administration, the company’s loan portfolio observed surges owing to the reclamation of land from Hulhumale’ under the second phase.
Furthermore, the spike in outstanding loans have presented financial predicaments for the corporation which was addressed by Mr. Sham.