The Government of the Maldives has signed an agreement with the ABN AMRO Bank, the AKA European Export Trade Bank, and the ING Bank to acquire a loan facility for an amount of EUR101,787,500 for the purpose of financing Gulhifalhu Reclamation Project – Phase II.
Minister of Finance Ibrahim Ameer signed the agreement on behalf of the Government of the Maldives, while the Director of ING Bank, Willem van Nouhuys signed on behalf of the ING Bank and AKA European Export Trade Bank, and Executive Director, Head of Export Finance Joost Keijsers signed on behalf of ABN AMRO Bank. The signing ceremony was also attended by Minister of National Planning, Housing and Infrastructure Mohamed Aslam.
The proceeds of this facility will be utilised for the reclamation of Gulhifalhu – Phase II, which is in line with the Strategic Action Plan 2019-2023 of the Government of the Maldives. This project will facilitate relocation of the existing International Port in Male’ to Gulhifalhu, and create enormous synergies, agglomeration effects, and opportunities for the growth and development of the Maldivian economy.