The Edition


OFID grants USD40 million loan to Maldives

Fathmath Shaahunaz
17 July 2018, MVT 09:12
Housing Minister Dr. Mohamed Muizzu (L) and Environment Minister Thoriq Ibrahim speak at press conference about the USD 40 million loan granted by OPEC Fund for International Development to the Maldives. PHOTO/MIHAARU
Fathmath Shaahunaz
17 July 2018, MVT 09:12

The OPEC Fund for International Development (OFID) has granted a loan of USD 40 million (MVR 616.8 million) to the Maldives.

In a press conference held Monday, Minister of Environment and Energy Thoriq Ibrahim revealed that the loan would be used to finance three sectors of the regional airport mandate, which is managed under the environment ministry, Ministry of Tourism, and Ministry of Housing and Infrastructure.

As per President Abdulla Yameen Abdul Gayoom's instructions, the environment ministry would use OFID's loan to fund the establishment of sewerage systems at Nellaidhoo, Neykurendhoo and Makunudhoo in Haa Dhaal Atoll, Vaadhoo and Fiyori in Shaviyani Atoll, and Dharavandhoo and Kendhoo in Baa Atoll.

The loan would also cover the cost of Addu-Meedhoo's coastal protection project.

From the loan, USD 6.5 million is allocated for regional airport projects, under which the airport at Faafu Atoll Nilandhoo will be developed.

While USD 19.5 million of OFID's loan has been allocated for the environment ministry, Thoriq added that these projects will be underway within this year.

Speaking at the press briefing, Housing Minister Dr. Mohamed Muizzu stated that the housing ministry's share of the loan amounted to USD 13.5 million.

The loan would finance the harbour development projects of Gaafu Alif's Kolamaafushi, Gaafu Dhaal's Hoadedhoo, Addu Atoll's Maradhoo-Feydhoo, and Baa Atoll's Kudarikili, Dhonfanu and Kihaadhoo.

Dr. Muizzu also assured that the projects would be underway within this year, after all administrative preparations have been completed.