Europe bank offers Maldives €45 million loan for sustainable energy project
The government has obtained a €45 million loan from the European Investment Bank to finance renewable energy projects and upgrade electricity networks in the atolls.
09 Mar 2016, 9:00 AM
The government has obtained a €45 million loan from the European Investment Bank to finance renewable energy projects and upgrade electricity networks in the atolls.
The loan agreement was signed on Tuesday morning at the State Electricity Company office in Malé. Finance Minister Abdulla Jihad signed on behalf of the government while loan officer Tao Ren signed on behalf of the EIB.
The state-owned utility companies STELCO and Fenaka Corporation also signed the loan agreement. The MVR771 million loan is to be repaid in 18 years at an interest rate of 3.3 percent with a three-year grace period.
State Minister for Energy Abdul Matheen told the press at the signing ceremony that the government aims to invest US$129 million to achieve its target of generating 30 percent of daily peak electricity from renewable sources by 2019.
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