The Governments of Maldives and Japan Monday signed the Exchange of Notes for the facilitation of a COVID-19 Crisis Response Emergency Loan of 5 billion Japanese Yen (USD 47.5 million). The Exchange of Notes were signed at a ceremony held at the Foreign Ministry.
The Exchange of Notes was signed on behalf of the Maldives by Foreign Minister Abdulla Shahid and on behalf of Japan, Keiko Yanai, Ambassador of Japan to the Republic of Maldives.
Under the Exchange of Notes, which is a precursor to the signing of a formal Loan Agreement at the end of the month, a concessional loan of 5 Billion Yen (USD 47.5 million) will be extended to the Maldives. This would be the largest amount of concessional borrowing that Japan has extended to the Maldives in its long history of cooperation and partnership, and reflects the close bilateral relations both countries presently enjoy. The COVID-19 Crisis Response Emergency Support Loan will be utilized by the Government in supporting ongoing efforts to combat the pandemic in the country.
Speaking at the ceremony, Foreign Minister Shahid expressed the Government’s sincere appreciation to the Government and people of Japan and thanked the Government of Japan for the continued generosity shown towards the Maldives in its efforts towards economic recovery and stabilisation. He mentioned that Japan has remained a very special friend and steadfast ally, and share a long-standing and time-tested relationship that has spanned for decades.
The Government of Japan has previously committed a grant of USD 5.6 million to the Government of Maldives to equip and improve the health services at atolls and regional hospitals across the country. It has also committed USD 1.4 million to the UNDP Maldives in support of small and medium enterprises in agri-businesses affected by COVID-19, USD 356,400 for UNICEF Maldives and USD 185,000 for Maldives Red Crescent to assist the Government in its efforts to respond to COVID-19.