On August 10, 2020, India and Maldives signed a contract for the development of five eco-tourism zones in Addu atoll of Maldives during an online signing ceremony held from Addu City. The virtual ceremony was attended by High Commissioner of India to the Maldives Sunjay Sudir and Maldives Foreign Secretary Abdul Ghafoor Mohamed.
- The Addu City’s districts where Eco-Tourism Zones will be developed are Hithadhoo, Maradhoo, Feydhoo, Hulhudhoo and Meedhoo.
- It should be noted that these projects are undertaken under the MoU signed on 17 March 2019 for “Indian Grant Assistance for Implementation of High Impact Community Development Projects (HICDP) through local bodies” which involves a total grant assistance of US$5.5 million to the Maldives.
Key Points:
–Addu City Council will be the implementing agency of these projects.
-These projects will contribute towards sustainable tourism development and foreign investment opportunities for the industrial development of the City.
-In addition to the five tourism zones, four more projects were implemented as a HICDP in the country, from which three were granted to set up Neighbourhood Fish Processing Plant (Geydoshu Mas Plant) development in three districts in Addu City: Hithadhoo, Maradhoo and Hulhudhoo-Meedhoo.
-Projects under HICDP are selected in areas of livelihood and income generation, including health, education, gender, child empowerment, sports and sustainable development .
Other Supports from India to Maldives:
India extended USD 1.4 billion as budgetary support to the Maldivian government at their request. USD 400 currency swap scheme under a South Asian regional framework was also announced for Maldives to aid a loss of tourist revenue due to the covid-19 pandemic.
Recent Related News:
On the occasion of Independence Day of the Maldives on July 26, 2020, the largest Indian public sector bank, 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. The fund will support economic relief measures by utilizing it for local businesses and defers loan repayment for over 200 retail accounts.
About Maldives:
Capital– Male
Currency– Maldivian rufiyaa
President– Ibrahim Mohamed Solih
