Categories: National

Exim Bank extends USD 400 million soft loan to Maldives

The Export-Import Bank of India (Exim Bank) on behalf of the Government of India has extended a Line of Credit (LoC) of USD 400 million (about Rs 2,932 crore) to the Maldives.

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The soft loan will be used for financing the Greater Male Connectivity Project (GMCP) in the Maldives, which is the single-largest connectivity and infrastructure project in the island nation. LoCs or soft loans are concessional loans that are offered at cheap rates. The soft loans to the Maldives have funded connectivity, water, sewerage projects, Addu Development Project, an international cricket stadium, Gulhifalhu port, Hanimaadhoo airport and road construction work.

Important takeaways for all competitive exams:

Export-Import Bank of India CEO: David Rasquinha.
Export-Import Bank of India Founded: 1 January 1982.
Export-Import Bank of India Headquarters: Mumbai, Maharashtra.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.