Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 100 million to the Government of the Republic of the Maldives for the purpose of financing developmental projects. The LOC Agreement to this effect was signed in Male’, Maldives on Sunday, October 02, 2022, by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of the Maldives, and Mr. Nirmit Ved, General Manager, Exim Bank. The LOC Agreement was exchanged at a ceremony organized by the Ministry of Foreign Affairs, Government of the Republic of Maldives, in presence of Shri Vinay Mohan Kwatra, Foreign Secretary of India, and Shri Ahmed Latheef, Foreign Secretary of the Republic of Maldives.
With the signing of the above LOC Agreement, Exim Bank, to date, has extended 6 (Six) 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 USD 1.43 billion. Projects covered under the LOCs extended to the Government of the Republic of Maldives include Greater Male Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project, Gan Airport Project, Fisheries Project, Road Construction Project, and Sports Infrastructure.
With the signing of this LOC Agreement, Exim Bank has now in place 311 Lines of Credit, covering 67 countries in Africa, Asia, Latin America Oceania, and the CIS, with credit commitments of around USD 32.31 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable the demonstration of Indian expertise and project execution capabilities in emerging markets.