India Exim Bank Issues Loan of USD 400 million for the Development of Thila-Male’ Bridge

Ministry of Finance and Treasury announced via twitter that a loan of USD 400 million (approximately MVR 6.1 billion) has been granted by the India Exim Bank to proceed with the Greater Male’ Connectivity Project, by a credit line agreement. A special ceremony was held at the Ministry today to sign the agreement. Minister of Finance and Treasury, Mr. Ibrahim Ameer signed the agreement on behalf of the Ministry whilst General Manager Mr. Nirmit Ved signed the Agreement on behalf of the Bank.

Under the terms of the Agreement, repayment of the loan will commence 5 years after the full-completion of the project and must be repaid within a stretch of 20 years. The Ministry has stated that the tender paperwork in respective of the project will be jointly prepared by the Maldivian Government and India Exim Bank which is scheduled to commence within the next three days. This is for the purpose of finding a suitable company to contract the construction work of the bridge.

The Greater Male’ Connectivity Project envisages a 67 kilometer bridge and causeway connecting Male’ City, Villingili, Gulhifalhu and Thilafushi effectively connecting all ports situated at the Greater Male’ Area. The worth of the project is estimated at USD 800 million (approximately MVR 7.6 billion) and is predicted to strengthen the overall economy of the country.