A loan agreement of USD 400 million have been signed with the India Exim Bank to continue the Greater Male’ Connectivity Project.

Ministry of Finance and Treasury took to Twitter to announce the signing saying that the Finance Minister, Ibrahim Ameer and the General Manager of the India Exim Bank, Nirmit Ved has signed the dollar credit line agreement of USD 400 million to finance the Greater Male’ Connectivity Project’s Male’ to Thilafushi Link.

The agreement was signed today at a special ceremony held at the Finance Ministry.

The Ministry said that 20 years is given to pay back the loan and the repayment has to begin five years after the project is completed.

The tender paperwork for the project is set to be prepared in collaboration between the Maldivian government and the Indian Exim Bank according to the Ministry and the process will begin in the next three days.

The Greater Male’ Connectivity Project is based on a 67 kilometer bridge and causeway connecting Male’ City, Vilimale’, Gulhifalhu and Thilafushi. It is going to connect the connect the ports of Male’, Hulhumale’, and Hulhule’ to that of Gulhifalhu and the Thilafushi Industrial zone. It is described as the engine of the national economy.