HOUSING DEVELOPMENT CORPORATION Investors Presentation
1 Strong financial support from the Maldives
government
HDC receives strong financial support from the government
The GoM has provided unwavering financial support to ensure the continual growth and development of HDC
HDC received significant financial assistance from the GoM
HOUSING
DEVELOPMENT
CORPORATION
As of November 2020, HDC accounted for US$796m of the total active sovereign-guaranteed debt amount of US$2.3bn. This was the highest amount out
of all the beneficiaries of the sovereign guarantee
- Capital injection totaling c.US$87m from 2018 - 2020
-
Loans totaling c. US$34m from 2018 - 2020
About 82% of HDC's total debt as of November 2020 is guaranteed by the sovereign. Strict cross default clauses exist for the sovereign-guaranteed debt by
MoF, with the lowest cross-default threshold at US$1m, implying strong incentive for GoM to ensure the timely and full repayment of HDC's guaranteed and
non-guaranteed debt on an ongoing basis
Breakdown by types of borrowings (as of November 2020)
State Owned Enterprises Sovereign-guaranteed debt by MoF
(US$m)
From MoF
14.3%
Others
3.6%
US$695m
Sovereign
guaranteed
82.1%
HDC
Other State Owned Enterprises (SOEs)
1,869
723
1,073
601
218
187
796
1.2x.
1.6x-
414
505
2018
2019
2 Dec 2020
Maldives government has shown long term commitment to support HDC through long-term guarantees of its financing
through provision of long-term guarantees of its financing as well as direct loans and capital injections
Source: Company information, Maldives Ministry of Finance. FX of USD/MVR 15.42 used.
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