Maldives government utilizes the 25-storey tertiary medical institution, Dharumavantha Hospital as the country’s prime credit facilitator.
Moreover, Maldives state receives USD100 million dollar (MVR1.5 billion) from international sukuk transaction made possible by mortgaging the said hospital.
According to Reuters, the latest sukuk bonds by Maldives government are subject to a five-year repayment plan with a 10.5% interest rate.
Earlier, a similar sukuk transaction through mortgaging the hospital made an earning of USD200 million.
Meanwhile, Ministry of Finance reports the sukuk sales will assist in the state’s cashflow management for expenditure.