Government acquires $20 million OFID loan to establish sewerage systems in 5 islands

The Maldivian Government has acquired a $20 million loan from the OPEC Fund for International Development (OFID) to construct sewerage systems in 5 islands.

Minister of Finance and Treasury Abdulla Jihad and Director General of OFID, Suleiman Jasir Al-Herbish signed the loan agreement at an event held at the OFID Headquarters in Vienna, Austria.

According to the Finance Ministry, the loan - which is to be repaid within 20 years, includes a 5 year grace period, with a service charge of 1 percent and an interest rage of 3.85 percent - will establish sewerage system in Baa Thulhaadhoo, Noonu Velidhoo, Raa Hulhudhuffaaru, Gaafu Alif Kolamaafushi, Gaafu Dhaalu Gaddhoo.