Asia Infrastructure Investment Bank (AIIB) has stated it will provide financial assistance to a major project in Maldives.
During his ongoing visit to Japan, Maldives finance minister Ahmed Munawwar had met with the chairman of AIIB along with ambassador to Japan Mohamed Shareef. The meeting’s discussions were of the assistance needed in financing a major project in the Maldives.
Speaking of the meeting, minister stated that AIIB will shortly confirm their assistance to a major project in the Maldives.
Avas understands that the AIIB Annual Meeting will be held in June and expects AIIB to confirm their financial assistance during the meeting.
Minister Munawar is in Yokohama, Japan to attend the 50th Annual Meeting of the Board of Governors of the Asian Development.
The government had earlier announced that the major project to solve the country’s waste management crisis cost a total of USD 100 million. Funding 50 percent of the project, ADB is also fixed on financially assisting all upcoming projects in the Maldives over the next three years.
Minister Munawar had also requested major banks for assistance in establishing waste management and disposal systems in various islands of the Maldives.
AIIB is is a multilateral financial institution founded to bring countries together to accommodate the infrastructure needs across Asian. AIIB opened its doors January 16, 2016 and is build on the lessons of experience of successful private sector companies and existing MDBs.
The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB.
