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Exim Bank extends $400 mn soft loan to Maldives for connectivity project

India has extended a $400 million (about Rs 2,932 crore) soft loan to Maldives through the Exim Bank to finance a connectivity project in the nation of islands, a statement said on Monday

EXIM Bank | Maldives

Press Trust of India  |  New Delhi 

Exim bank
Exim bank

India has extended a USD 400 million (about Rs 2,932 crore) soft loan to through the to a connectivity project in the nation of islands, a statement said on Monday.

The Export-Import Bank of India (Exim Bank) on behalf of the Government of India has extended a Line of Credit (LoC) of USD 400 million for undertaking Greater Male's connectivity project in Maldives, the bank said.

The loan agreement was inked in Male on Monday between General Manager Nirmit Ved and Maldives' Minister Ibrahim Ameer.

With the signing of the above agreement, has till date extended three LoCs worth a cumulative USD 1.2 billion to Maldives, on behalf of India.

Exim Bank said the soft loans to have funded connectivity, water, sewerage projects, Addu Development Project, an international cricket stadium, Gulhifalhu port, Hanimaadhoo airport and road construction work.

Exim Bank has now in place 266 LoCs, covering 62 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 26.40 billion available for financing exports from India.

Besides promoting India's exports, Exim Bank's LoCs enable demonstration of Indian expertise and project execution capabilities in emerging markets, it said.

LoCs or soft loans are concessional loans that are offered at cheap rates.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, October 12 2020. 18:59 IST