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.

Boost your Banking Awareness Knowledge with Adda247 Live Batch: TARGET GA BATCH | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams

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.

Find More National News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.