India extends additional USD 100 million credit line

Minister of Finance, Ibrahim Ameer and General Manager of EXIM Bank of India, Nirmit Ved sign the agreement of USD 100 Million Line of Credit to Maldives. | Photo: Foreign Ministry

Malé, Maldives – Government of Maldives and India have signed an agreement for an additional USD 100 million Line of Credit to complete developmental projects run by India.

The agreement was exchanged by Minister of Finance, Ibrahim Ameer, on behalf of the Government of Maldives and General Manager of EXIM Bank of India, Nirmit Ved in a special ceremony at the Ministry of Foreign Affairs today.

Government told that the purpose of this agreement was to ease and facilitate the numerous ongoing key infrastructure projects in the Maldives.

Government also stated that the agreement exchanged today was a testament to the unwavering support and commitment of the government of India in improving the socioeconomic wellbeing and public welfare of Maldives.

India has engaged in 7 major infrastructure projects in the country under $ 800 million Line of Credit–and these include Water and Sewerage network for 34 islands, Addu Roads and Reclamation project, Gulhifalhu Port, (expansion of facilities of Maldives Industrial Fisheries Company, Cricket Stadium in Hulhumale, Hanimaadhoo International Airport expansion and Cancer Hospital in Hulhumale.