Govt. acquires MVR 1.6 billion loan facility for Gulhifalhu reclamation project

Government of Maldives signs agreement with AKA European Export Trade Bank, ABN AMRO Bank and ING Bank for MVR 1.6 billion loan facility required for Gulhifalhu land reclamation project. (Photo/Finance Ministry)

Government of Maldives, on Thursday, has executed an agreement with AKA European Export Trade Bank, ABN AMRO Bank and ING Bank to acquire an MVR 1.6 billion loan facility in order to finance Gulhifalhu reclamation project.

At a special ceremony held on Thursday, the loan agreement was signed by Finance Minister Ibrahim Ameer on behalf of the Maldivian government. Meanwhile, AKA European Export Trade Bank and ING Bank were represented by ING Bank’s Director Willem van Nouhuys – whereas ABN AMRO Bank was represented by Executive Director, Head of Export Finance Joost Keijsers.

Finance Ministry detailed that the main purpose of acquiring the loan was to finance the reclamation of Gulhifalhu, to develop a new port at the island, in order to relocate Male’ International Port currently in operation at Male’ City to Gulhifalhu.

The Ministry stressed a port adequate in size for the Maldivian economy will be developed under this project – which would pave way to opportunities for the growth and development of the Maldivian economy.

They also detailed that the new port would address space constrains faced currently at Male’ harbor and ease internal traffic flow and allow for additional free space within Male’ City.

Gulhifalhu reclamation project is integral to Strategic Action Plan 2019-2023 formulated by the Maldivian government laying down the developmental plan for the Greater Male’ Area.