Credit line

India offers new $100m line of credit to Maldives for infrastructure

India has offered a new $100 million line of credit to the Maldives to finance infrastructure projects, Prime Minister Narendra Modi announced on Tuesday following his talks with Maldives President Ibrahim Mohamed Solih in New Delhi.

Solih, who is on a four-day official visit to India, said the additional fund would enable the implementation of several large infrastructure projects which are at various stages of discussion, according to an official statement issued by the Ministry of External Affairs. .

“The India-Maldives partnership not only benefits the citizens of both countries, but also proves to be a source of peace, stability and development for the region. India has always been a first responder whenever the Maldives has faced a need and that will continue,” Modi said during a press briefing after the bilateral meeting.

Other significant announcements include the approval of the award of the EPC contract for the $128 million Hanimadhoo airport development project under the line of credit, the approval of the DPR and the launch of the bidding process for the $324 million Gulhifahlu Port Development Project under the line of credit, approval of the feasibility report and financial close of the Gulhifahlu Cancer Hospital Project $30 million under a $119 million line of credit and buyer’s credit financing by Exim Bank of India for an additional 2,000 public housing units in Hulhumale, according to the statement.

“The two leaders reviewed the progress made in the development of the 4,000 public housing units being built in Greater Male under buyer’s credit financing from Exim Bank of India. These housing units are in line with the Government of Maldives’ goal of providing affordable housing to its citizens,” the statement stressed.

There were also other announcements, including the facilitation of duty-free tuna exports to India from the Maldives, the provision of a replacement vessel for the vessel previously supplied – CGS Huravee – to the National Defense of the Maldives, the supply of the second Landing Craft Assault to the National Defense of the Maldives. Force and donation of 24 utility vehicles to the Maldives National Defense Force.

Published on

August 02, 2022