MTCC and government finalising agreement for construction of 22 harbours
23 Apr 2013, 12:39 PM
Minivan News
The Maldives Transport and Contracting Company (MTCC) is in talks with the government to finalise an agreement to construct 22 harbours under a so-called contractor finance policy.
MTCC CEO Dr Ahmed Adham has told local media that the government has agreed to guarantee a loan of US$30 million required for undertaking the project, with the state then having a five year grace period to pay for the construction under the proposed policy.
“Despite the government guarantee, we will be repaying the loan. In addition we are currently engaged in discussions with our equipment partners to come to an agreement,” Adham was quoted as saying by newspaper Haveeru.
Reports over the new agreement come days after the government announced it would be delaying implementation of any new development projects financed out of the state budget due to shortfalls in its revenue.
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