Agreement signed for US$800m line of credit from India
The agreement was signed during a visit by External Affairs Minister Sushma Swaraj.
19 Mar 2019, 9:00 AM
An agreement was signed between the Maldives finance ministry and India’s Export-Import Bank on Monday for a US$800 million line of credit to finance the new administration’s infrastructure projects.
The concessional loans will be used to provide water and sewerage services on several islands, Finance Minister Ibrahim Ameer told the press after signing the agreement with EXIM Bank Chief General Manager Sudatta Mandal.
It will also finance other projects such as the relocation of the Malé commercial port to the nearby Thilafushi industrial island. Detailed proposals for water and sewerage projects on 30 islands have been shared with the EXIM Bank, he added.
Bid announcements were made on Monday for sewerage projects on eight islands and water projects on 11 islands.
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