Finance Minister Ibrahim Ameer says all the projects undertaken using the credit line extended by India would be carried out through open tendering processes.
He said this while speaking on Raaje TV’s fala surukhee program.
Ameer said loans approved by both China and India are concessional and granted under favorable conditions. He said the Indian loans were approved with an interest rate between 1 to 1.75 percent. Ameer also said that the Indian authorities have granted a one-year grace period for the loan with the repayment period set at 20 years.
The Finance Minister noted that the government had now scheduled USD 800 million worth of developmental projects under the Indian LOC. He highlighted the USD 400 million loan granted for the Greater Male’ Area connectivity project and another USD 100 million have also been approved.
He said this would ensure that these loans are given at a fairly competitive rate and would reduce the cost of the project.
