KUALA LUMPUR (April 18): 1Malaysia Development Bhd (1MDB) said it has fully repaid all its bank debt and short-term debt after settling its US$150 million (approximately RM585 million) loan from Export-Import Bank of Malaysia Bhd (Exim Bank).

In a statement today, 1MDB said its subsidiary Timeline Zone Sdn Bhd had paid the US$150 million facility in advance of the repayment date.

"The facility was entered into in March 2015 and proceeds were utilised, among others, to finance general corporate purposes including, but not limited to, working capital requirements and energy business related expenses," the state investment fund said.

"This repayment today marks the final milestone, with all of 1MDB bank debt and short-term debt now fully repaid," it added.

1MDB said that over the past one month, 1MDB had announced debt principal repayments of approximately RM7.25 billion.

1MDB said it retains a cash surplus of approximately RM2.3 billion for infrastructure and other debt service requirements, which it said it gained from the sale of its power assets late last year.

The troubled state investment fund has racked up debts amounting to RM50 billion as at January this year.

In November last year, 1MDB had sold its power assets parked under Edra Global Energy Bhd for RM9.83 billion to Chinese firm China General Nuclear Power Corp (CGN) after acquiring it for RM12.05 billion. Under the deal, CGN will also assume all the relevant gross debt and cash of Edra's operating companies.

The power assets consist of 13 power plants across five countries from Malaysia to Egypt and Bangladesh.