EXIM Bank extends $100- mn LoC to Maldives for development projects

Exim Bank on Monday said it has extended a line of credit of $100 million to the Maldives for financing developmental projects

Exim Bank on Monday said it has extended a line of credit of USD 100 million to the Maldives for financing developmental projects.

Exim Bank's overall commitment to the strategically important island nation located in close proximity goes to six lines of credit totalling USD 1.43 billion, as per an official statement.

Projects being funded through the LOCs include Greater Male' Connectivity Project, Water and Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project, Gan Airport Project, Fisheries Project, Road Construction Project and Sports Infrastructure, it said.

An agreement was signed in Male on Sunday by Maldives' Minister of Finance Ibrahim Ameer and Exim Bank's general manager Nirmit Ved. India's Foreign Secretary V M Kwatra and his Maldivian counterpart Ahmed Latheef were also present.

With the signing of this LOC agreement, Exim Bank has now 311 lines of credit covering 67 countries in Africa, Asia, Latin America Oceania and the CIS, with credit commitments of around USD 32.31 billion.