India, Maldives conclude $400 mn LoC agreement for GMCP implementation
Oct 12, 2020
Male (Maldives), October 12 : India and Maldives on Monday concluded USD400 million Line of Credit (LoC) agreement for the implementation of the Greater Male Connectivity Project (GMCP), which is the single-largest connectivity and infrastructure project in the island nation.
India in August had announced that it will fund the implementation of the Greater Male Connectivity Project through a USD400 million LoC and USD100 million grant. External Affairs Minister S Jaishankar had said the 6.7 km bridge project connecting Male with Gulhifalhu Port and Thilafushi industrial zone will help revitalise and transform Maldivian economy.
"$400 million LoC Agreement concluded for the implementation of the Greater Male Connectivity Project - single-largest connectivity & infrastructure project in the Maldives; a national economic engine connecting Hulhumale, Hulhule & Male with the proposed Gulhifalhu Port & Thilafushi!," Indian High Commission in the Maldives tweeted.
Maldives Finance Minister Ibrahim Ameer and Nirmit Ved, General Manager of Exim Bank signed the agreement earlier today.
"Minister of Finance @iameeru and Nirmit Ved, General Manager of @Indiaeximbank
has today signed a Dollar Credit Line (LoC) Agreement of USD400 million for the purpose of financing the Greater Male' Connectivity-Male' to Thilafushi Link Project #GMCP," the Maldives finance ministry tweeted.
Maldives Foreign Minister Abdulla Shahid thanked India for partnering with the Maldives in delivering this project, which will lead to greater possibilities.
"The Greater Male Connectivity Project will lead to greater possibilities. It is the gateway to a more developed & economically resilient nation. Thank you for partnering with the Maldives in delivering this project with $100 million of grant and $400 million Line of Credit," Shahid tweeted.
