MALE: The board of directors of the Asian Development Bank has approved a Rf154.2 million (US$12 million) project for atoll development in Maldives.

The project was endorsed by the ADB on August 17 and will be carried out for two years beginning next year.

The program includes developing of small and medium-sized businesses in the atoll communities.

Under a two-part loan scheme, finance will be given to setting up inter-island transport systems and the Outer Island Electrification Project conducted by the Atolls Development Ministry to provide electricity to the islands.

Two million dollars will be set aside for technical assistance.

As of the end of 2003, ADB has given Maldives 13 loans, amounting to a total US$83.7 million.

Technical assistance amounting to US$16.2 million were given to 48 schemes.

Courtesy Haveeru