A Line of Credit Agreement has been signed between EXIM Bank of India and the Government of Maldives – for the provision of USD 40 million for the implementation of sports infrastructure development projects in the Maldives.
The agreement signed today is pertaining to the pledge made by India’s External Affairs Minister Dr. S. Jaishankar during his visit to the Maldives last February, offering a standalone line of credit of USD 40 million for sports infrastructure development projects in the Maldives.
The High Commission of India in the Maldives read that the funds will be utilized for the renovation of the national stadium and the development of synthetic tracks, indoor games centers, needed by the people of Maldives. They also noted that the main reason why the funds are being granted is to create a pathway for the Indian Ocean Games to be held in the Maldives.
Additionally, the High Commission highlighted the priority given by President Ibrahim Mohamed Solih’s administration for the development of sports in the Maldives – which India welcomes and wishes to be a part of.
India has been a major partner in terms of sports development in the Maldives. Through a generous donation of USD 200 million by India, outdoor gyms have been established at 61 islands and the Ekuveni Running Track has been developed as a synthetic track
India has also pledged to build an international cricket stadium in the Maldives under the Line of Credit worth USD 800 million announced back in 2018 – in addition to training local coaches and umpires at the Board of Control for Cricket in India. The local female and male cricket teams will also be given one-month training at Chennai’s Premier for Sports Science.
During India’s Foreign Secretary’s visit to the Maldives in last year’s November, a Memorandum of Understanding was also signed on cooperation in sports and youth affairs, aimed to facilitate training and experience opportunities for athletes and coaches.