EXIM Bank of India signs agreement for $400 million credit to fund Greater Male Connectivity Project

The project will be an economic engine and lifeline connecting Hulhumale, Hulhule, and Male with the proposed Gulhifalhu Port and the Thilafushi Industrial Zone.

EXIM Bank of India on Monday signed a Line of Credit Agreement for USD 400 million to fund the Greater Male Connectivity Project (GMCP).

A statement from the Indian High Commission in Male recalled that India’s support for the project was announced during the virtual meeting between External Affairs Minister Dr. S Jaishankar and Foreign Minister Abdulla Shahid on August 13. This will be the single-largest infrastructure project in the Maldives and will link Male with Villingili, Gulhifalhu, and Thilafushi islands.

Exim Bank and the Maldives Ministry of Finance signed the agreement today. The Government of India has separately committed a USD 100 million grant for the project.

The team is also holding discussions with several Maldivian agencies – Ministry of Economic Development, Ministry of Planning, Infrastructure, and Housing, Ministry of Foreign Affairs, and the Hulhumale Development Corporation (HDC) – involved in the implementation of the Line of Credit projects. The discussions will examine the developments made in seven other mega infrastructure projects funded by the earlier USD 800 million Line of Credit.

These several projects include:

  1. Development of an international port at Gulhifalhu;

  2. Establishment of water supply and sewerage networks across 34 islands spanning 16 atolls

  3. Development of roads and stormwater drainage along with reclamation works in Addu atoll in the southern Maldives.

  4. Establishment of a Cancer Hospital in Hulhumale;

  5. Expansion of the Hanimaadhoo Airport in the northern Maldives;

  6. Construction of a Cricket Stadium in Hulhumale; vii. Expansion of facilities for the Maldives Industrial Fisheries Company.

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