India extends USD 40 mln LOC facility for sports development

A Line of Credit agreement has been signed between the Government of Maldives and the Export-Import Bank of India.

India is offering a USD 40 million Line of Credit to develop sports infrastructure in the Maldives. The agreement was signed by Maldives' Finance Minister Ibrahim Ameer on behalf of the Maldivian government, while General Manager Nirmith signed the document on behalf of the EXIM Bank.

The Line of Credit will be used to build stadiums and fields where football, volleyball, basketball, table tennis and other indoor games can be played. The Indian government said the purpose of the loan is to pave the way for the Indian Ocean Games to be hosted in the Maldives.

The Maldives government said the National Football Stadium will be further developed under the loan assistance, and that national stadiums will be developed for volleyball and basketball. Additionally, synthetic tracks and indoor sports complexes will be developed in HDh. Kulhudhuffushi, GDh. Thinadhoo, Fuvahmulah City and Addu City.

The loan was proposed by India's External Affairs Minister, Dr. S Jaishankar during his visit to the Maldives last February.