Exim Bank to provide Fund for Maldives project

13 February 2021 Current Affairs:The Reserve Bank of India announced that the Export-Import Bank of India (Exim Bank) will provide USD 400 million for the Maldives project. It will provide funding for the “Great Male Connection” project.

Highlights:
♦ The Export-Import Bank has signed an agreement with the Maldives government to provide a supported credit line of US$400 million on October 12, 2020.
♦ The Greater Male Connectivity project is the project from Male to Thilafushi Link project in the Maldives. The credit line agreement will come into effect on January 28, 2021. The service life of the terminal is 60 months after the project completion date.
♦ The Greater Male Connectivity Project (GMCP) project is the electoral pledge of the current President of the Maldives Ibrahim Mohamed Solih.
♦ The project will connect Gulfafaru Port and Thilafushi Industrial Zone through a 6.7-kilometre-long bridge.
This is a landmark project that will simplify the connection between the four islands of Maldives, Villingili, Gulifahu and Thilafushi. This will help promote economic activity and create employment opportunities. It will also promote the overall urban development of the Male region in the Maldives.
♦ The relationship between India and Maldives was established in 1966. India is one of the countries that recognized the Maldives after gaining independence in 1965. The two countries have race, language, religion, culture and business ties. Currently, there are 25,000 Indians in the Maldives. Both countries are founding members of SAARC. 
♦ India also considers the Maldives to be part of its “neighbourhood first” policy. In this regard, India is part of the Maldives’ “India First” policy.
 

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