European Investment Bank (EIB) signed an agreement with the Maldivian government to grant a loan of USD 50.65 million (MVR 781 million) for renewable energy projects.
The agreement was signed during the fourth Annual General Meeting of the Asian Infrastructural Investment Bank (AIIB), in Luxembourg. Minister of Finance Ibrahim Ameer signed on behalf of Maldives while EIB was represented by Vice President Andrew McDowell.
EIB previously granted a loan of EUR 45 million in 2016 to finance renewable energy projects undertaken by the Maldivian government. The loan was granted at an interest rate of 3.3 percent with a repayment period of 18 years.
Minister Ameer participated in the 'Digital Connectivity' governors' seminar at the AIIB AGM, where he disseminated information on the challenges of providing digital services to small island states.
He was accompanied at the meeting by Minister of National Planning and Infrastucture, Mohamed Aslam.