Government Plans $600M Loan After Rasmalé Financing U-Turn

The government reversed its earlier contractor-financing model for the Rasmalé project and now plans to raise US$600 million in loans from three state-owned companies to fund reclamation at Fushidhiggaru Lagoon. A letter from the President's Office instructed Finance Minister Moosa Zameer to arrange an advance payment to resume stalled work. The funds will come from Greater Malé Financial District Limited (US$300 million), Maldives Airports Company Limited (US$200 million), and State Trading Organisation (US$100 million). Loan terms remain undisclosed amid poor credit ratings (Moody's Caa2, Fitch CC). Initially, the Muizzu administration promised no public funds and planned contractor financing by China Machinery Engineering Corporation (CMEC). The project has made limited progress, reclaiming only a small part of the planned 1,100 hectares.

The government reversed its earlier contractor-financing model for the Rasmalé project and now plans to raise US$600 million in loans from three state-owned companies to fund reclamation at Fushidhiggaru Lagoon. A letter from the President's Office instructed Finance Minister Moosa Zameer to arrange an advance payment to resume stalled work. The funds will come from Greater Malé Financial District Limited (US$300 million), Maldives Airports Company Limited (US$200 million), and State Trading Organisation (US$100 million). Loan terms remain undisclosed amid poor credit ratings (Moody's Caa2, Fitch CC). Initially, the Muizzu administration promised no public funds and planned contractor financing by China Machinery Engineering Corporation (CMEC). The project has made limited progress, reclaiming only a small part of the planned 1,100 hectares.

The government reversed its earlier contractor-financing model for the Rasmalé project and now plans to raise US$600 million in loans from three state-owned companies to fund reclamation at Fushidhiggaru Lagoon. A letter from the President's Office instructed Finance Minister Moosa Zameer to arrange an advance payment to resume stalled work. The funds will come from Greater Malé Financial District Limited (US$300 million), Maldives Airports Company Limited (US$200 million), and State Trading Organisation (US$100 million). Loan terms remain undisclosed amid poor credit ratings (Moody's Caa2, Fitch CC). Initially, the Muizzu administration promised no public funds and planned contractor financing by China Machinery Engineering Corporation (CMEC). The project has made limited progress, reclaiming only a small part of the planned 1,100 hectares.

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