Former Minister of Finance Mohamed Shafeeq, who was appointed at the onset of the Mohamed Muizzu administration and later resigned his position on 31 September, has been appointed a Board Director at the Housing Development Finance Corporation (HDFC).
Shafeeq was appointed to the post as of 02 December, according to the Privatization and Corporatization Board (PCB) website. PCB is the main regulatory agency overseeing appointments to state-owned enterprises (SOEs).
Shafeeq, who has not publicly revealed or commented on the reason for stepping down as Finance Minister, had previously served as Chief Financial Officer (CFO) at HDFC.
HDFC oversees the “Hiyaavehi Finance Scheme” under the government’s pledge to introduce soft loans for housing.
The loans under the Hiyaavehi Finance Scheme are of two types; one for the atolls and islands, and another for the Greater Malé area and other urban centres as designated by the current administration.
The Government of the Maldives, with 49 percent, is the majority shareholder in HDFC with the Asian Development Bank (ADB) and the International Finance Corporation (IFC) holding 18 percent each, and India’s Housing Development Finance Corporation (HDFC India) holding 15 percent.