Maldives issues sovereign guarantee for US$370 million Chinese loan
The sovereign guarantee was issued for a US$370 million (MVR5.6 billion) loan for the development of 7,000 housing units in the capital’s suburb Hulhumalé.
09 Oct 2017, 9:00 AM
The Maldives has issued a sovereign guarantee for a US$370 million (MVR5.6 billion) loan for the development of 7,000 housing units in the capital’s suburb Hulhumalé.
The development of the housing units, by China Construction Company Limited, is financed by the Industrial Commercial Bank of China.
The government’s decision to issue a sovereign guarantee for this loan was revealed after the finance ministry submitted all related documents to parliament’s public accounts committee.
A finance ministry spokesman was not able to immediately confirm the date the sovereign guarantee was issued.
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