Large Portion of Loan has been Repaid – MTDC

Resort developed by MTDC

Maldives Tourism Development Corporation (MTDC) has stated that they have repaid a large portion of the loan owed to the Government of Maldives.

According to Managing Director Abdulla Sujau, the company has repaid a total of 19million US dollars from the 38million US dollars owed as rent and late fees and has said that the company hopes to repay the complete amount before the end of the third quarter of this year. He also expressed his confidence that MTDC will be able to repay all the loans owed without selling any of the islands they are in charge of developing.

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Mr. Sujau also stated that MTDC is currently negotiating with the government regarding Naagoshi, an island which MTDC was developing and was approximately 30% completed prior to being removed from MTDC’s ownership.

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