GMR settlement funded via sale of USD 140 mn State bond

“Sun” has been informed that the State funded the USD 271 million paid in settlement to GMR for cancellation of contract to run the national airport was funded via sale of State bonds.

“Sun” has been informed that Maldives Airports Company Limited (MACL) bought a USD 140 million State bond from Maldives Monetary Authority, payable within three years with an interest rate of 4.9 percent.

Central bank, MMA has said the settlement payment to GMR did not have any connection with the dollar crisis facing the country.

The contract between State and GMR to run Ibrahim Nasir International Airport (INIA) was terminated on November 27, 2012 during former Maldivian President Dr. Mohamed Waheed

Hassan Manik’s administration over concerns regarding the financial, legal and national security concerns regarding the contract.