Managing Director of Maldives Transport and Contracting Company (MTCC) DCP (Retd) Ahmed Saudee has said the company is currently implementing 683 projects across the country, noting that the recent repayment of the USD 500 million Sukuk is expected to ease financial constraints and accelerate project delivery.

Speaking on MMTV, MD Saudee said a significant portion of MTCC’s work relies on imported materials, and that challenges in accessing foreign currency have affected project implementation, adding that improved financial conditions following the repayment would help facilitate smoother procurement.

He stated that the country’s financial situation had previously posed challenges in executing projects, particularly those undertaken through contractor financing arrangements or requiring contractors to source materials and funding, limiting the pace of progress.

MD Saudee also expressed confidence that the repayment would strengthen investor confidence and improve cash flow within the economy, enabling greater support from foreign investors and private sector partners.

MTCC is currently undertaking 115 harbour development projects and 69 shore protection projects, which require substantial material input, with the company expecting improved access to resources and financing to support timely completion.

He added that concerns among financial service providers regarding debt repayment had affected support mechanisms, noting that the successful settlement of the Sukuk is expected to enhance confidence and facilitate future project implementation.