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Updated on: Thursday, September 02, 2021, 03:20 PM IST

Exim Bank extends Line of Credit worth $40 mn to Maldives

The LOC Agreement to this effect was signed in Male’, Maldives on Thursday, September 2, 2021 by Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Nirmit Ved, General Manager, Exim Bank./ Representational image |

The LOC Agreement to this effect was signed in Male’, Maldives on Thursday, September 2, 2021 by Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Nirmit Ved, General Manager, Exim Bank./ Representational image |

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Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of $40 million to the Government of the Republic of Maldives for the purpose of financing for development of sports infrastructure.

The LOC Agreement to this effect was signed in Male’, Maldives on Thursday, September 2, 2021 by Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Nirmit Ved, General Manager, Exim Bank.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 5 (Five) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to $1.33 billion.

Projects covered under the LOCs extended to the Government of Republic of Maldives include Housing project, Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project, Road Construction Project and Sports Infrastructure.

With the signing of this LOC Agreement, Exim Bank has now in place 276 Lines of Credit, covering 62 countries in Africa, Asia, Latin America Oceania and the CIS, with credit commitments of around $27.02 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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Published on: Thursday, September 02, 2021, 03:15 PM IST
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