The administration has issued guarantees for loans, worth MVR 750 million, to some state-owned enterprises last year, according to the Ministry of Finance.
As per the ministry’s sovereign guarantee figures, the administration has guaranteed loans taken by Maldives Industrial Fisheries Company (MIFCO), Fenaka Corporation, and Housing Development Corporation (HDC).
A sovereign guaranteed loan of MVR 150 million was taken from Habib Bank to develop MIFCO’s facilities at the islands of Funadhoo, Kooddoo and Thinadhoo, and purchase a vehicle.
The administration has also guaranteed two MVR 200 million loans, totalling MVR 400 million, by the Fenaka Corporation from the Maldives Islamic Bank (MIB).
MIB also loaned HDC MVR 100 million, and US$6.49 million, which were secured via sovereign guarantees.
