Malé, Maldives – A USD 40 million Line of Credit (LOC) was signed between the government of Maldives and EXIM Bank of India earlier today.
The LOC initially offered during the visit of External Affairs Minister Dr. S Jaishankar to Maldives in February 2021 would be used exclusively for construction of a variety of stadia and sports complexes across Maldives that cater to football, athletics, badminton, tennis, table-tennis and a range of indoor sports. Moreover, the funds are meant to help prepare Maldives for hosting the Indian Ocean Island Games.
A statement released by the Indian High Commission in the Maldives states that it would be an honour for India to support the development of sports in the Maldives and help bring out the true potential of the tremendous sporting talent in the country.
The USD 40 million LOC was signed by the Finance Minister of Maldives Ibrahim Ameer and General Manager of EXIM Bank Nimrit Ved, in the presence of Maldives Foreign Secretary Abdul Ghafoor Mohamed and High Commissioner of India to Maldives Sunjay Sudhir.
Other sports development initiatives by India in the Maldives include MVR 200 grant assistance for outdoor gyms set up across 61 islands of the Maldives and the Ekuveni ground track in Malé City, Construction of a Cricket Stadium in Hulhumale’ under USD 800 million Line of Credit and various sports development programs.