Maldives government and Export-Import Bank of India (EXIM India) signed a loan agreement for USD400 million.
Moreover, the US Dollar Credit Line agreement comes as fund injection towards the Greater Male’ Connectivity – Male’ to Thilafushi Link Project.
As per current administration the project entails connecting Maldives capital with the industrial island via a bridge.
Furthermore, on Monday, Minister of Finance Ibrahim Ameer signed the agreement on behalf of Maldives government.
On the other hand General Manager of EXIM India, Nirmit Ved signed on behalf of the bank.
The ceremony’s attendees include High Commissioner Sunjay Sudhi along with senior officials of ministries; Finance and Foreign Affairs.
Meanwhile the loan utilization is fully committed towards the development of interconnectivity link between Male’, Vilingili, Thilafushi and Gulhi Falhu.
Following the Sinamale’ Bridge mega project, this will be the largest ever infrastructure project in Maldives in such a scale.
Moreover, the project aims to provide seamless logistical operations across the islands.
As per Ministry of Finance, the project further aims to create “enormous synergies, agglomeration effects” and growth opportunities for the region.