Government of Maldives Signs Loan Agreement for Gulhifalhu Reclamation Project Phase II

On Thursday June 16th, the Maldivian government signed an agreement with AKA European Export Trade Bank, ABN AMRO Bank, and ING Bank to acquire MVR 1.6 billion loan facility to finance the Gulhifalhu reclamation project.
 
The loan agreement was signed by Finance Minister Ibrahim Ameer on behalf of the Maldivian government at a special ceremony on Thursday. Meanwhile, AKA European Export Trade Bank and ING Bank were represented by Director Willem van Nouhuys of ING Bank, and ABN AMRO Bank was represented by Executive Director, Head of Export Finance Joost Keijsers of ABN AMRO Bank.
 
The Finance Ministry explained that the loan was obtained to finance the reclamation of Gulhifalhu, the development of a new port on the island, and the relocation of Male' International Port from Male' City to Gulhifalhu. The Ministry emphasized that under this project, a port of sufficient size for the Maldivian economy will be developed, paving the way for opportunities for the Maldivian economy's growth and development.
 
Furthermore, the Ministry also stated that the new port would address current space constraints at Male' harbor, as well as ease internal traffic flow and provide additional free space within Male' City. The Gulhifalhu reclamation project is part of the Maldivian government's Strategic Action Plan 2019-2023, which lays out the development strategy for the Greater Male' Area.

[Photo: Finance Ministry]