Bahaali Project thah
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NewsContractors unable to begin work as bank yet to facilitate funds
The projects worth MVR 2.7 billion were distributed to handpicked companies under the contractor finance model, with loans guaranteed from the Bank of Maldives (BML).
BusinessBML denies issuing loans without board approval
"The bank's structures are in line with the country's banking laws and regulations, prudential regulations and standards set by the MMA [Maldives Monetary Authority] as well as strong international standards such as Basel III and IFRS 9," BML said.