Exim Bank extends USD $800 m line of credit to Maldives for developmental project

The Exim Bank has extended a USD 800 million line of credit (LoC) to the Maldives for financing developmental projects in the island nation. Projects covered under the LoC include various infrastructure development projects, the banks said in a statement Wednesday.

With this agreement, the Exim Bank has so far extended three LoCs to the Maldives taking the total value of such instruments to USD 880 million, the external trade development institution said. It has now in place 245 LoCs, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 24.24 billion, available for financing exports from the country.

The LoC agreement was signed between Ibrahim Ameer, the finance minister of the Maldives, and Sudatta Mandal, the chief general manager of Exim Bank. The agreement was exchanged during the visit of external affairs minister Sushma Swaraj to the Maldives recently.