MP Siyam Seeks Sovereign Guarantee for US$165 Million Resort Project

MP Ahmed Siyam Mohamed, leader of the Maldives Development Alliance (MDA), has requested a sovereign guarantee from the government to secure a US$165 million loan from a Chinese bank for the development of a luxury resort named Emerald Lagoon with over 1,500 rooms. He submitted the request in a letter to President Muizzu on 7 April. Negotiations with Shanghai Construction Group are underway. Siyam previously obtained sovereign guarantees in 2018 and 2017 for other resorts. The Ministry of Finance has not confirmed receipt. MDA is aligned with President Muizzu.

MP Ahmed Siyam Mohamed, leader of the Maldives Development Alliance (MDA), has requested a sovereign guarantee from the government to secure a US$165 million loan from a Chinese bank for the development of a luxury resort named Emerald Lagoon with over 1,500 rooms. He submitted the request in a letter to President Muizzu on 7 April. Negotiations with Shanghai Construction Group are underway. Siyam previously obtained sovereign guarantees in 2018 and 2017 for other resorts. The Ministry of Finance has not confirmed receipt. MDA is aligned with President Muizzu.

MP Ahmed Siyam Mohamed, leader of the Maldives Development Alliance (MDA), has requested a sovereign guarantee from the government to secure a US$165 million loan from a Chinese bank for the development of a luxury resort named Emerald Lagoon with over 1,500 rooms. He submitted the request in a letter to President Muizzu on 7 April. Negotiations with Shanghai Construction Group are underway. Siyam previously obtained sovereign guarantees in 2018 and 2017 for other resorts. The Ministry of Finance has not confirmed receipt. MDA is aligned with President Muizzu.

This story involves 1 source and may affect public understanding of loan / sovereign guarantee.