Ahmed Siyam Holdings pays off sovereign loan to EXIM Bank: Finance Ministry

Ministry of Finance revealed on Thursday that the sovereign guarantee of USD 127.5 million (MVR 2 billion), which was granted to Ahmed Siyam Holdings Pvt Ltd (ASH), has been paid back in full to the Export-Import Bank of China (Exim).

The loan was issued to the parliamentary representative for Dhaalu Atoll's Meedhoo constituency Ahmed Siyam (Sun Siyam) via a sovereign guarantee provided by the previous administration, a first of its kind loan for a non-state-owned entity, for the development of Sun Siyam Iru Fushi resort in Noonu Atoll.