Asian Development Bank (ADB) has agreed to award USD 11 million in financial assistance to Maldives.
The funding was awarded for the installation of high-tech systems needed to establish a cross-border control system in Maldives.
The agreement on the USD 11 million financial assistance is scheduled to be signed between ADB and the Maldivian administration during the 4th Maldives Partnership Forum currently underway in Kurumba Maldives.
The cross-border control system project is valued at an estimated USD 11.99 million, and the Maldivian administration will be putting down USD 1.99 million for the project.
The project is expected to be completed by the end of June, 2023.
The USD 11 million by ADB includes a concessional loan of USD 5 million, a grant of USD 5 million from ADB’s Asian Development Fund, and USD 1 million in technical assistance which will be funded in equal parts by Technical Assistance Special Fund and the High-Level Technology Fund administered by ADB.
Maldives is heavily reliant on imported goods.
ADB projects the establishment of a cross-border control system will reduce delays and lower costs associated with the clearance of goods, while maintaining the needed controls over fees and duties on imports or exports.