Exim Bank to provide USD 130 mn funding for construction of social housing units in Maldives

Exim Bank will support construction of social housing units in Maldives through its USD 130 million loans to Fahi Dhiriulhan Corporation Ltd, said the lender on Thursday.

Exim Bank said it exchanged a letter of intent (LoI) with Fahi Dhiriulhan Corporation Ltd on February 20, the Government of Maldives for the design and construction of 2,000 social housing units in Hulhumale, Maldives, valued at USD 130 million.

The project is proposed to be executed by NBCC (India) Ltd, it said.

This funding is proposed to be provided under the buyer's credit program under the National Export Insurance Account (NEIA) scheme.

The project is expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government of India policy of 'Neighbourhood First', Exim Bank said.

The LoI was exchanged in Male, as part of External Affairs Minister S Jaishankar's visit to Maldives.

Exim Bank said it has earlier supported road network development in Hulhumale, Maldives, under the NEIA scheme.

Further, India's Exim Bank has also supported various projects in water, power, railway and road sectors in various countries such as Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia as well as Suriname in Latin America under the NEIA scheme.

The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust, Exim Bank added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)