The Government of Maldives and the World Bank on Tuesday signed a Financing Agreement of SDR 7,300,000 (Special Drawings Rights) which is equivalent to USD10 million.
The grant was extended by World Bank to assist in financing the Digital Maldives for Adaptation, Decentralization and Diversification Project.
The project is planned to be carried out in the Maldives to enhance the competitiveness of the broadband market and to improve identification for in-person and online service delivery; and to leverage digital technologies, data and analytics for climate resilience.
Minister of Finance Mr. Ibrahim Ameer signed on the agreement on behalf of Maldives state while Mr. Faris H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka signed on behalf of the bank.
The ceremony was held at the Ministry of Finance and was attended by senior officials of Ministry of Finance as well as Ministry of Environment, Climate Change and Technology.
According to the ministry, the Digital Maldives for Adaptation, Decentralization and Diversification Project will support the Maldives government in strengthening the legal, regulatory and institutional frameworks for broadband internet connectivity and infrastructure, data governance, and digital economy.
Furthermore, the project includes boosting the capacity of the Communication Authority of Maldives and National Center for Information Technology to improve internet connectivity for individual and corporate consumers as well as government bodies across the country.
The project will be implemented by the Ministry of Environment, Climate Change and Technology.