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India to loan Maldives $250m

Christian Fernsby ▼ | September 21, 2020
The Indian Ocean archipelago, renowned for its luxury resorts, has been badly hit by the pandemic, with foreign tourists failing to flock back.
India   Maldives
India's High Commission in the Maldives said the loan was being provided after a request by Maldives President Ibrahim Mohamed Solih for "financial assistance to overcome the difficult economic situation."

Topics: India

"The Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities," it said in a statement.

A sale of treasury bonds issued by the Maldives government to State Bank of India (SBI) will raise the money, with ten years given for repayment, the statement added.