Exim Bank to provide $400 Million for Maldives project
- The Reserve Bank of India has announced that the
Export-Import Bank of India (Exim Bank) will provide USD 400 million to
- It will provide the fund for the Greater Male Connectivity
- The Exim Bank had signed an agreement with the Maldives
government to provide the supported Line of Credit of USD 400 million on
October 12, 2020.
- The Greater Male Connectivity project is the Male to
Thilafushi Link project in Maldives.
- The agreement under the Line of Credit is effective from
January 28, 2021.
- The utilisation period of the terminal is 60 months after
the completion date of the project.
- The GMCP project was the election promise by the current
President of Maldives, Ibrahim Mohamed Solih.
- This project will connect the Gulhifalhu Port and Thilafushi
industrial zone with a 6.7-kilometre-long bridge.
- This is a landmark project that will streamline the
connectivity between the four islands namely, Maldives, Villingili, Gulhifahu
- It would help in boosting the economic activity and would
also generate employment.
- It will also promote a holistic urban development in Male
region of Maldives.
- The relation of India with Maldives was established in the
- India is among those countries that recognized the Maldives after it
gained its independence in 1965.
the countries share an ethnic, linguistic, religious, cultural and commercial
- Currently, the Maldives is home to 25,000 Indian nationals.
- Both the
countries are the founding members of SAARC.
- India also consider Maldives a
part of its ‘Neighbourhood First’ Policy.
- In the line, India is a part of
‘India First’ policy of Maldives.
- The economic relation between both the countries have
strengthened significantly after the success of Operation Cactus.
- India has
always provided extensive economic aid for developing infrastructure, health,
telecommunications in the country.
also established the Indira Gandhi Memorial Hospital in Male.