India donates USD 40 million for sports development

Exchange of agreements between the two governments | photo: Avas

Malé, Maldives – The governments of India and Maldives on Saturday, signed several agreements during India’s External Affairs Minister, Dr. Subrahmanyam Jaishankar’s ongoing visit to the Maldives.

The External Affairs Minister of India announced a $40-million line of credit to support the development of sports infrastructure in Maldives during a special event hosted at Ekuveni track, that was newly renovated with financing through an Indian grant. The event was held to celebrate the strong cooperation in the area of sports between the two nations.

Other agreements exchanged between the governments include a donation of 100,000 doses of Covishield vaccine from India, as well as a MoU between Prasar Bharati of India and Public State Media of the Maldives on capacity building and exchange of content and expertise. Prasar Bharati is one of the largest broadcasting agencies of the Indian government.

An agreement was also signed on repurposing the balance of a $40-million line of credit provided by India in 2011 and use $25 million to develop roads across the Maldives. India’s EXIM Bank and local authorities also signed a letter of intent on financing a housing project of 2,000 units at Hulhumale. A loan of USD 130 million was borrowed from EXIM Bank by the Maldives government for the project in exchange for sovereign guarantees provided by the Maldives government.

An MoU was also signed for a grant of USD 500,000 for the development of a fish processing plant at Kendhikulhudhoo in northern Maldives, in addition to agreements on waste management and affordable housing under sustainable development. India’s External Affairs Minister announced a $40-million line of credit to support the development of sports infrastructure in Maldives.