The financing timetable should therefore track the regulatory timetable. Conditions precedent to first utilisation commonly need to be matched to land or lease rights, corporate authority, investment approvals and the project’s construction permissions. Subsequent drawdowns can then be linked to objective milestones such as approved designs, certified progress, procurement stages or completion percentages rather than to dates alone.

The project documents also need to work together. The construction contract, hotel management agreement, technical-services agreement, insurance arrangements and finance documents should address lender access to information, cure opportunities and the consequences of delay or termination. Where security is intended over a leasehold interest or other regulated right, the approval and registration requirements for that security should be identified early.

The Maldives investment guide confirms that businesses can raise debt from local or international banks. The more important transaction question is whether the security package and drawdown structure remain enforceable and commercially useful throughout development, opening and operation.