Maldives: India extends USD 40 mln LOC facility for sports development

MALE, 03 Septermber 2021, (TON): A Line of Credit agreement has been signed between the Government of Maldives and the Export-Import Bank of India.

India is offering a USD 40 million Line of Credit to develop sports infrastructure in the Maldives. The agreement was signed by Maldives' Finance Minister Ibrahim Ameer on behalf of the Maldivian government, while General Manager Nirmith signed the document on behalf of the EXIM Bank.

The Line of Credit will be used to build stadiums and fields where football, volleyball, basketball, table tennis and other indoor games can be played. The Indian government said the purpose of the loan is to pave the way for the Indian Ocean Games to be hosted in the Maldives.

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