Maldives finance ministry has signed an agreement with India’s Export-Import Bank (EXIM) for line of credit (LOC) of 800 million US dollars to finance the new government’s infrastructure projects. The agreement was signed in presence of External Affairs Sushma Swaraj who was on a 2-day visit to Male.
The LOC is part of 1.4 billion US dollars finance assistance announced by the Indian government during President Ibrahim Mohamed Solih’s state visit in December 2018. The EXIM Bank loans come with a 1.75% interest rate and a 15-year repayment period after five years of moratorium.
Source- Press Information Bureau (PIB)
Static/Current Takeaways Important For LIC AAO Mains Exam:
- Maldives Capital: Male, Currency: Maldivian rufiyaa.