Islamic Development Bank (IDB) has decided to sign a facility of USD 117 million (MVR 1.8 billion) with the government of the Maldives to finance various developmental projects being undertaken across the archipelago, announced the Ministry of Finance and Treasury on Monday.
According to the ministry, IDB’s decision comes in the wake of discussions with Finance Minister Ahmed Munawar when he participated in the bank’s annual assembly held May 16 to 21. The minister held meetings with IDB’s partners, including IDB Group’s President Dr Bandar M. H. Hajjar, with whom he shared information regarding important projects carried out by the Maldives’ government.
The sectors to be funded by IDB Group’s facility loan includes infrastructural development and waste management projects.
The Finance Ministry disclosed that Minister Munawar also met with senior officials of IDB’s Awqaf and Waqf unit’s Islamic Financial Services Department and subsequently reached an agreement to increase financing for the projects proposed by the Maldives’ Ministry of Islamic Affairs.
Furthermore, the minister also called on CEO Hani Salem Sonbol of IDB’s International Islamic Finance Corporation. The meeting ended with an agreement to provide more financial assistance to trade, fisheries and port development in the Maldives and to provide technical assistance in the field of finance.
During his trip, Minister Munawar additionally met with top officials of OPEC Fund for International Development (OFID) and Kuwait Fund. The Finance Ministry stated that the two funds inquired after the projects currently being conducted in the Maldives and guaranteed to sign an agreement for a new project before coming July.
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