Exim Bank extends line of credit of USD 50 million to the Government of Republic of Maldives

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 50 million to the Government of the Republic of Maldives for the purpose of financing for Defence projects. The LOC Agreement to this effect was signed in Male’, Maldives on Sunday, February 21, 2021 by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank during the visit to Maldives of Shri S. Jaishankar, Hon’ble Minister of External Affairs, Government of India. An amendatory agreement for repurposing an existing LOC of USD 40 MN to include road projects in Maldives was also signed between Exim Bank and Government of Maldives on Saturday, February 20, 2021.
With the signing of the above LOC Agreement, Exim Bank, till date, has extended 4 (Four) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to USD 1,290 million. Projects covered under the LOCs extended to the Government of Republic of Maldives include Housing project, Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project and Road Construction Project.

With the signing of this LOC Agreement, Exim Bank has now in place 268 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

Sachin Gawade

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