Exim Bank to fund $130 million Maldives project

Tribune News Service
New Delhi, February 26

India Exim Bank will provide funding of $130 million to finance 2,000 Housing units in Maldives.

The Exim Bank had exchanged a Letter of Intent (LoI) with Fahi Dhiriulhan Corporation of Maldives for the design and construction of 2,000 dwelling units in Hulhumale.

This funding is proposed to be provided under the Buyer’s credit program under National Export Insurance Account (NEIA) Scheme. The project is expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government’s policy of ‘Neighbourhood First’.

India Exim Bank had earlier supported road network development in Hulhumale, Maldives under the NEIA scheme. Further, it had also supported projects in water, power, railway and road sectors in Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia and Suriname in Latin America under the NEIA scheme. The NEIA scheme is a financing mechanism that provides a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust.