Male’, Maldives – The agreement for the USD 100 million grant, which will be put forward to see a bridge built in the Male’ region will reportedly be signed during the trip of Indian Foreign Secratary, Harsh Vardhan Shingla, to the Maldives.
According to the Indian Embassy in Maldives, the Foreign Secretary of will be signing the agreement on behalf of India, who will arrive to the Maldives during the evening hours of Sunday.
While Maldives has already signed an agreement with the Exim Bank of India on October for a loan of $400 Million for the development of the bridge, it was given at a 1.7% interest rate with a 5 year gross period and it is supposed to be returned within a 20 year period.
The Foreign Ministry of Maldives said that this 6.695 Kilometer bridge and causeway will be one of the biggest developmental project in the country. It was also said that the project will provide the country with benefits, along with increasing the businesses and providing great ease to the locals.
While the Foreign Secretary Harsh Vardhan will be arriving in Maldives on Sunday evening, he will be staying in Maldives till 10th November.