India extends 250 million dollars support to Maldives

 India extends 250 million dollars support to Maldives

India has provided financial assistance of 250 million dollars as budgetary support to the Maldives government.

A handover ceremony was held at the Ministry of Foreign Affairs, Maldives government to mark the occasion.

 The budgetary support of 250 million idollars has been extended without conditions.

 Maldives government is at liberty to use the money in repairing the domestic economic situation in line with its own priorities.

The financial assistance is being routed through SBI, Male so that it does not reflect in the external borrowings of the Maldives.

 Indian government has provided a sovereign guarantee to SBI for this financial assistance.

The soft loan has a comfortable tenor of 10 years and a very low interest rate.