Maldives signs $40 million credit line deal with India’s EXIM bank for sports infra

The Maldivian government has on Thursday signed a $40 million Line of Credit Agreement with India’s EXIM Bank for the development of sports infrastructure across the country

Sep 02, 2021
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Maldives signs $40 million credit line deal with India

The Maldivian government has on Thursday signed a $40 million Line of Credit Agreement with India’s EXIM Bank for the development of sports infrastructure across the country. India agreed to extend credit in February this year when External Affairs Minister S Jaishankar visited the archipelago. 

The development of sports infrastructure has always been a key priority for Maldivian President Ibrahim Mohammed Solih and India too has helped the country in this regard.

This credit line will mainly be used for the establishment of different stadiums and sports complexes. The proposed facilities will cater to football, athletics, badminton, tennis, table tennis and a range of indoor sports. Furthermore, the grant paves way for the Maldives to host the Indian Ocean Island Games.

The initiative is part of the Indian government’s efforts to increase goodwill for the country through community-based projects. Earlier, during former External Affairs Minister Sushma Swaraj's visit to the Maldives in March 2019, the archipelago requested to construct a cricket stadium, to which India readily paved the way.

Currently, outdoor gyms are being set up in a total of 61 islands in the Maldives under India’s MVR 200 million ( roughly $12 million) grant assistance.  

 (SAM)