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OFID to loan USD 50 million to Maldives

Mariyam Malsa
19 March 2019, MVT 11:26
The headquarters of the Ministry of Finance in the capital city of Maldives. PHOTO: MOHAMED SHARUHAAN/ MIHAARU
Mariyam Malsa
19 March 2019, MVT 11:26

The OPEC Fund for International Development (OFID) has finalised the decision to grant Maldives a loan amounting to USD 50 million ( MVR 771 million).

OFID, which was established in 1976 by member states of the Organization of Petroleum Exporting Countries (OPEC), recently decided to grant loans totalling USD 300 million to six countries including Maldives.

According to estimates by OFID, the loan can provide assistance to more than 20,000 Maldivians residing in 13 islands across the country. The intergovernmental financial institution stated that the USD 50 million could be funnelled into harbour construction, development of water and sewerage systems as well as initiatives concerning fisheries.

The Maldivian government has yet to formally accept the loan assistance extended by OFID.

OFID has previously provided financial assistance to Maldives, including a loan of USD 50 million for the development of a new terminal in Velana International Airport (VIA) in 2016.

In addition to this, OFID funded the conversion of Addu City's Equatorial Convention Center (ECC) into a tertiary hospital.

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