Government of Maldives Signs to Receive Grants from the World Bank Totaling USD34 Million

For two separate projects started in the Maldives, the World Bank has provided two grants totaling to USD 34 million. On July 4, the World Bank and the Maldivian government signed the grant agreements in a ceremony that took place at the Finance Ministry. The agreements were signed by Mr Faris H. Hadad-Zervos, the Country Director for the Maldives at the World Bank, and Mr Ibrahim Ameer, the Minister of Finance.
 
One grant worth USD 24 million, designated for the Sustainable and Integrated Labor Services (SAILS) Project, is among the grants made available by the World Bank. By giving shock insurance and job support, the grant aims to increase social protection coverage and the employability of Maldivian workers.
 
The World Bank also provided funding for the project to finance the Digital Maldives for Adaptation, Decentralization and Diversification. The 10 million USD grant will assist the Maldives in fostering competition in the broadband market, enhancing digital security and identification, and utilizing digital technology to adapt to the growing effects of climate change.
 
Prior to the agreements' signing, Finance Minister Ameer and Country Director Hadad-Zervos also talked about macro-fiscal developments, upcoming engagements and support, potential financing sources, and other World Bank collaborations.