Connectivity brings prosperity: Importance of the India funded infra project in Maldives
New Delhi, Aug 14: India has announced several developmental projects in Maldives, with includes a 500 million USD Greater Male Connectivity Project. This would be the largest ever infrastructure project in the country.
Following a meeting of External Affairs minister, S Jaishankar and his counterpart Abdulla Shahid, the creation of an air bubble with Maldvies to facilitate movement people from both sides for employment, tourism, medical emergencies was announced.
In a statement, India said that it would support the implementation of this project through a financial package consisting of a grant of 100 million USD and a new Line of Credit of 400 million USD.
"Once completed, this landmark project will streamline connectivity between the 4 islands, thereby boosting economic activity, generating employment and promoting holistic urban development in the Malé region," the government said.
India also announced the commencement of a direct cargo ferry service between India and Maldives and extension of urgent financial assistance worth 250 million USD, in the wake of the financial challenge owing to COVID-19.
India had decided to extend in-principle urgent financial assistance to Maldives by ways of a soft loan arrangement. The modalities of the same are being finalised by both sides, India also said.
India will fund the implementation of Greater Male Connectivity Project through a $400 mn LOC & $100 mn grant. This 6.7 km bridge project connecting Male with Gulhifalhu Port & Thilafushi industrial zone will help revitalise and transform Maldivian economy, Jaishankar said in a tweet.
Happy to announce the start of regular cargo ferry service between India & Maldives to boost trade & commerce. We're also starting an air travel bubble with Maldives to sustain & promote the dynamic people-to-people ties between the two countries, the minister also said.