Addu city council on Wednesday has passed a resolution allowing businesses to mortgage leased land effective onwards from December 1, 2020.

The resolution was unanimously approved by the city council yesterday. The city council has revealed businesses are now allowed to mortgage leased land to gain extra capital for investment. The city council finalised its decision after a recommendation by the city council’s planning section.

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This new permit would now allow businesses to gain capital to invest in the lands through loans by banks and other financing options.