Male’, Maldives – The USD 47.5 million loan given by the Japanese government to Maldives, in order to overcome the ongoing Covid-19 pandemic, has officially been handed over to Maldives today.
While the loan aid documents were signed by both countries two weeks ago, the official agreement was only signed today. The Minister of Finance and Treasury, Ibrahim Ameer signed on behalf of the Maldives.
This loan is reportedly to be returned to Japan within 15 years, with an interest rate of 0.01 percent.
Japan has proven to be a strong ally of Maldives during the tough times the Covid-19 has put Maldives in, having have donated MVR 30 million in various forms and mediums.
During the Covid-19 pandemic, many countries have extended help to the Maldives, which due to the economic downfall caused by the halted tourism industry is struggling to thrive. According to the Ministry of Finance and Treasury, the country will only be able to revert back to the economic situation in which the country was in during the end of 2019, by the year 2021.