OPEC Gives $50 Million Development loan

Saturday 25th of January 2020

OPEC Gives $50 Million Development loan

OPEC Fund signs a development loan of USD 50 million with Maldives in support of a major water supply and sewerage project.

The loan was signed with the Maldives’ Minister of Finance Ibrahim Ameer and will fund the Outer Islands Harbours, Water Supply and Sewerage Facilities Project.

The project costs a total of $62.25 million, and planned work includes building water supply networks and sewerage systems, as well as improving harbor infrastructure that will boost tourism and other economic opportunities.

Around 20,000 people on 13 outer islands are expected to benefit. The OPEC Fund has approved 23 Public Sector loans to the Maldives totaling more than US$209 million.