The Maldives has taken an 18.4 million euros ($294 million) loan to establish a national health laboratory with modern facilities and infectious disease wards in the atolls. The loan was taken from the European Investment Bank (EIB).
The loan was issued to the Maldives under the 'South Asia Public Health Care COVID-19 Program Loan', which EIB introduced last year.
The loan agreement was signed on behalf of the Maldives government by Finance Minister Ibrahim Ameer. EIB's Global Partners Director Maria Shaw signed the agreement on behalf of EIB.
The Finance Ministry said the loan would be repaid in installments over several years. The loan repayment period and the amount of interest were not disclosed.
The loan will be used to set up isolation facilities on 18 islands. The project will also facilitate the further modernization and decentralization of the health service system in the Maldives, the Finance Ministry said.
The government also borrowed MVR 1 billion last month for the dredging component of the second phase of the Gulhifalhu project.
