Previous administration gave sovereign guarantees worth US$1.3 billion

US$660 million was disbursed to 24 companies.

Government offers sovereign guarantee for businesses

According to new regulations enacted by the finance ministry last week, sovereign guarantees will only be offered for loans taken with an interest rate below four percent to finance tourism-related projects, social housing projects that meet the government’s criteria, and high-priority development projects.

Businesses need an “economic tsar” or a “tyrant” to succeed, says President Yameen

Parliament removes its requirement to authorise government loans