Housing Development Corporation (HDC) confirms their outstanding total loan amount is currently at USD776 million.
Furthermore, the company’s loan portfolio was confirmed by Mr. Ahmed Sham, the Chief Financial Officer during a parliament session on Friday, 24 September. Mr. Sham furthered notified that the company had acquired loans from a total of 15 banks from across four different countries.
HDC had acquired further loans during the previous state administration for the reclamation of land from north of Hulhumale’ which is currently identified as the Second-Phase.
Moreover, the surge in outstanding loans to HDC have presented several financial detriments to the company.