The Asian Development Bank ADB has signed a USD 50 million MVR 771 million loan agreement to support uninterrupted water and electricity services in the Maldives. The agreement was signed by Finance
The Asian Development Bank (ADB) has signed a USD 50 million (MVR 771 million) loan agreement to support uninterrupted water and electricity services in the Maldives.
The agreement was signed by Finance Minister Hassan Zareer, STO Managing Director Shimad Ibrahim, and ADB’s Head of Regional Cooperation and Integration Unit, Dr. Thiem Hee Aung.
According to the Finance Ministry, the funding will help ease pressure on the government budget as global oil prices rise amid ongoing instability in the Middle East.
The assistance follows USD 40 million in support from the World Bank in May, which was redirected towards oil imports.
With both facilities, the Maldives has secured a combined USD 90 million from the ADB and World Bank for oil procurement and related services.
How did this land?
Share this story
Discussion
Comments are turned off for now.
