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Maldives to get US$40 mn OPEC loan

The Maldives is to get a US$40 million (MVR616.8 million) concessional loan from the OPEC Fund for International Development, the government said Monday as a minister took a swipe at the European Union for approving targeted sanctions because of worsening rights in the country.

The loan will be used for harbour construction, airport building and setting up sewage systems.

At a press conference, Housing Minister Dr Mohamed Muizzu said MVR13.5 million from the OPEC money would be used for harbour construction projects.

“This is an example that proves how friendly organizations and states are helping our development projects, despite attempts by various groups to tarnish our image and impose restrictive measures,” he was quoted as saying by local media.

Government officials could face travel bans and asset freezes following the EU’s decision for restrictive measures if the situation does not improve.

President Abdulla Yameen has yet to comment since the EU made its the move – though he said last week he was warned – and is out and about showcasing government-led infrastructure such as sewage systems.

“The OPEC Fund for International Development is a funding agency that has been helping the Maldives for a long time. They have also funded important projects in water and sewage system at the environment ministry over the last four and a half years,” Environment Minister Thoriq Ibrahim said.

He said his ministry would carry out projects worth a total of MVR19.5 million and that work on them would start this year.

There will be projects in Haa Dhaal Nellaidhoo, Neykurendhoo, Makunudhoo, Shaviyani Feydhoo, Gaaf Dhaal Vaadhoo, Fiyoari, Baa Dharavandhoo and Kendhoo.

Beach protection projects will be funded in Shaviyani Maroshi and Addu City Meedhoo. Money for harbour construction will be spent in Addu City Maradhoo-Feydhoo, Baa Kudarikilu, Dhonfanu and Kihaadhoo.

The OPEC loan will also be used to fund an airport project in Faafu Nilandhoo.

Full details are available at the link below:

Source URL:  Maldives Independent

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