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EXIM Bank to provide $400 mn funding for Maldives project

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Exim Bank to provide $400 mn funding for Maldives projectOn February 12, 2021, Reserve Bank of India (RBI) has notified The Greater Male Connectivity Project (GMCP) of Maldives will get a $400 million funding from Export-Import Bank of India (EXIM Bank), the agreement for the same is effective for January 28, 2021.

  • The terminal utilisation period is 60 months after the scheduled completion date of the project
  • The 6.7 km Greater Male Connectivity Project (GMCP) will be the largest civilian infrastructure project in Maldives, connecting Male with three neighbouring islands of Villingili, Gulhifahu and Thilafushi.

Indian Support to Maldives:

–In September 2020, the first Ever Direct Cargo Ferry Service between India and Maldives was launched to boost the business communities of both nations.

–In September 2020, India also provided a financial assistance of US$250 million (Indian Rupees of around 1837 crores) at favourable terms to the Government of Maldives in the form of symbolic cheque.

–In August 2020, India and Maldives signed a contract for the development of five eco-tourism zones in Addu atoll of Maldives.

-­-The Government of India is also supporting the Hanimaadhoo International Airport expansion project under the USD 800 million Line of Credit from EXIM Bank of India.

–In July 2020 State Bank of India (SBI) provided liquidity support of USD 16.20 million as a COVID-relief for the Government of Maldives to overcome liquidity shortage.

Recent Related News:

i.India is planning to set up Coastal Radar Stations in Maldives, Myanmar & Bangladesh as part of its plan to expand the area under Coastal Surveillance Network (CSN).

ii.From December 2-3 2020, UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific) South Asia and Pacific & Government of Maldives organized 4th South Asian Forum of Sustainable Development Goal (SDG) 2020 virtually.

About Maldives:

President– Ibrahim Mohamed Solih
Capital– Male
Currency– Maldivian Rufiyaa

About Export-Import Bank of India (Exim Bank):

Establishment– 1982
Managing Director (MD)– David Rasquinha
Headquarter– Mumbai, Maharashtra
Regulated By– Reserve Bank of India