HDFC Plc housed at 4th floor, H.Mialani Male', was incorporated on 28 January 2004 by a Presidential Decree under the Companies Act, Law No: 10/96. The commercial operations had commenced on March 29, 2004. HDFC was incorporated with technical assistance from the World Bank and initially all shares were held by the Government of Maldives (GOM). HDFC was registered as a public company on the 9th of February 2006 Shareholders' agreement for privatization between the GOM, ADB , IFC, and HDFC-India was signed on July 23, 2008 and became effective on February 10, 2009 with the first equity disbursement by international shareholders whose commitment comprises of a multi-lateral loan component by IFC and ADB as well. HDFC-India with 30 of years experience in mortgage finance is the technical partner of HDFC Plc and IFC is playing the advisory role while assisting with a matching grant for the Technical Assistance Program.

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