The Edition


MTCC repays MVR 22 million of 'Mahaa Jarraaf' loan

Fathmath Shaahunaz
23 December 2018, MVT 18:36
MTCC's dredger 'Maha Jarraf'.
Fathmath Shaahunaz
23 December 2018, MVT 18:36

Maldives Transport and Contracting Company (MTCC) has repaid MVR 22 million of the loan taken to commission its largest dredger, 'Mahaa Jarraaf'.

The company's Chief Financial Officer Mohamed Hilmy stated that 70 percent of MTCC's USD 31.8 million (MVR 490.3 million) investment to acquire the dredger was financed via loans.

MTCC paid back MVR 22 million between January and the end of September this year, with MVR 7 million settled during the third quarter alone.

The loan to purchase Mahaa Jarraaf has a repayment period of 10 years.

One of MTCC's largest investments, the company began efforts to commission the dredger in 2014. It arrived in the Maldives last year.

Measuring over 92 metres in length and 16 metres in width, Mahaa Jarraaf can mine sand from depths of up to 50 metres, and carry 3,700 cubic metres at a time.