Waheed says China to grant Maldives $500 million loan
01 Sep 2012, 5:18 PM
Daniel Bosley
President Dr Mohamed Waheed Hassan has told Reuters that China will grant the Maldives US$500 million (MVR7.7billion) in loans during his state visit to the country.
The loans, equal to nearly one quarter of the Maldives’ GDP, would include $150 million (MVR2.3billion) for housing and infrastructure, with another $350million (MVR5.4billion) from the Export-Import Bank of China, reported Reuters.
This state owned bank is mandated with facilitating the export and import of Chinese products and promoting Sino-foreign relationships and trade, according to its official website.
China’s aid may provide an immediate salve to the government’s financial ailments which are on track to leave a MVR 9.1 billion ($590million) deficit in this year’s budget.
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