Asian Development Bank (ADB) has approved a USD 50 million (MVR 771 million) emergency assistance loan to the Maldives.
ADB stated that this loan is being extended under the Energy Security Emergency Assistance Project to aid with electricity and water security, as well as fuel imports.
The government has been facing challenges in managing fuel related expenditure with the global hike in fuel prices and lowered number of tourist arrivals due to the Middle East war.
94 percent of electricity in Maldives is supplied through the use of fuel.
In addition to the Maldives, the ADB has also decided to extend a USD 750 million loan to the Philippines. This loan is intended to assist the Philippine's Build Universal Health Care Program.
ADB has been constantly assisting the Maldives through loans various development projects. Most recently, they provided a USD 4 million loan for the Enhancing Climate Resilience and Food Security Project in 2024.
Another USD 18 million loan was issued by ADB in 2023 for another energy related project. 2020 also saw a USD 45 million loan extended for a renewable energy program.
As of now this year, the government has secured a USD 40 million loan from the OPEC Fund for International Development (OFID) and a USD 40 million loan from the International Development Association.
