The Government of Maldives has signed a USD 40 million Line of Credit Facility Agreement with India's Export-Import Bank of India, Exim India to implement the Sports Infrastructure Development Projects in the Maldives.
Finance Minister Ibrahim Ameeru signed the agreement on behalf of the Maldivian government while General Manager of Exim India Nirmit Ved signed it on behalf of the bank at a ceremony held today.
The Indian High Commission clarified that this line of Credit would exclusively support Sports projects in the Maldives, which will include the development of a national stadium, synthetic tracks, centers for Basketball, TT, volleyball, and a range of indoor sports.
It has also been said that the funds are meant to help prepare the Maldives for hosting the Indian Ocean Island Games.
The development of sports is an important element of India’s developmental assistance to the Maldives.
Under India’s MVR 200 grant assistance, Outdoor Gyms are being set up across 61 islands of the Maldives.
The Ekuveni ground track, a sporting landmark in Male’ city, was also developed under this grant and inaugurated in January 2021.
