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Indian government loans USD 100 million to Maldives

Lamya Abdulla
30 November 2022, MVT 10:32
Ceremony held in Foreign Ministry today to sign handover of loan amounting to USD 1 million from India to Maldives --
Lamya Abdulla
30 November 2022, MVT 10:32

The government of India handed over a loan of USD 100 million to Maldives on Tuesday. This loan will be provided through subscription in the government's domestic treasury bonds by the State Bank of India (SBI) in Malé.

In a ceremony held at the Foreign Ministry, the ceremonial document indicating the loan was awarded was handed over by the Indian High Commissioner to the Maldives Shri Munu Mahawar. Minister for Foreign Affairs Abdulla Shahid accepted on behalf of the Maldives.

Speaking at the ceremony, Shahid noted that the USD 100 million loan was a great aid in boosting the nation's social development and infrastructure.

Shahid said loans such as this signify that the international community has accepted Maldives' foreign policies.

Referring to the USD 2.5 billion Maldives has received from India over the past four years, Minister Shahid said that India was exemplary in this providing Maldives aid.

Speaking on the occasion virtually, India's External Affairs Minister Dr. S. Jaishankar said India was happy to help Maldives in the current situation.

He said budgetary support, currency swaps and other contributions to the Maldives are a reflection of the partnership between the two countries.

Minister of Finance Ibrahim Ameer said the USD 100 million allocated through the SBI will be used as investment security for the ongoing developmental projects in the country. He thanked India for their assistance to Maldives in the previous years.