Monday
23rd Dec 2024
Dhivehi Edition
Event held to sign the loan agreement. Photo: Indian High Commission.
The USD$ 40 million loan taken by the government of Maldives from the Indian EXIM bank to develop sports facilities will be repaid by 2041.
During a meeting of the Parliament's Finance Committee today, the Committee's chair stated that the estimated repayment date of the loan would be 2041. The loan would fund a stadium, a synthetic track, and facilities for basketball, table-tennis, volleyball and other such sports.
The loan had been given at a 1.75% interest rate, with a 0.5% management fee and a 0.5% commitment fee.
The fees, as well as the interest, would incur the state an additional USD$ 8.44 million. The government will repay India a total sum of USD$ 48.4 million.
The Solih administration has taken many such loans from the Indian EXIM bank. The government has attempted to characterise these loans as free aid.