India has agreed to finance US$ 200 million for the road development of southernmost Addu City.
The funds will be arranged through the US$ 800 million credit facility agreement signed this March between the two countries.
Speaking to the press during the closing of 'Maldives Partnership Forum', Finance Minister Ibrahim Ameer said India's assistance will be utilized under the 'Addu Development Project' to construct roads and harbors in different island of the atoll.
The 'Addu Development Project' costing US$ 414 million was proposed at the Partnership Forum by the Maldivian government. Under the project, the atoll will be developed as an economic hub, linking the six islands of the atoll through a ferry network.
It has also be planned that 203 hectares of land will be reclaimed from the atoll to implement commercial projects, while 25 hectares of land will be reclaimed for four tourism projects. Multiple sub-projects will be carried out all over Addu city under the project.
