The Edition


Maldives to seek ADB aid for projects over next three years

Fathmath Shaahunaz
03 May 2017, MVT 11:54
Finance Minister Ahmed Munawar speaks to reporters before his flight to Japan to take part in ADB's Annual Meeting 2017. PHOTO/FINANCE MINISTRY
Fathmath Shaahunaz
03 May 2017, MVT 11:54

The Maldives is looking to seek aid from Asian Development Bank (ADB) to finance the development projects planned to be undertaken over the next three years.

Speaking to reporters late Tuesday at Velana International Airport (VIA) before his departure to Japan to take part in ADB’s Annual Meeting, Minister of Finance and Treasury Ahmed Munawar stated that he will impart information on the progress of ongoing projects aided by ADB.

The minister said that he will discuss with ADB regarding the assistance the bank can provide to the Maldives this year to finance the major USD 100 million (MVR 1.5 billion) project to solve the country’s waste management crisis.

“I believe ADB will provide a large percent [of the total cost of the waste management project]. We will know [how much aid ADB will provide] after the discussions,” said the minister.

Moreover, Minister Munawar declared that the government has decided to launch a major project under the name of the “Greater Male Region”, referring to the Maldives’ capital area. He said that the state is working to compile a master plan for the project with aid from ADB.

However, he did not provide details regarding the type of aid to be sought from ADB

Minister Munawar had previously also requested major banks for assistance to establish efficient waste management and disposal systems in various islands of the Maldives.

He is also to meet with the Japanese Prime Minister Shinzo Abe during this trip.

The minister noted that Japan is a key partner of ADB and, thus, expressed hopes that his trip will provide the opportunity to discuss development projects of the Maldives with Japan.