Tue. Mar 28th, 2023

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

India announces $500 million for major connectivity project in Maldives

2 min read
India Maldives

Indian foreign minister S Jaishankar on Thursday said India will finance a major connectivity project in Maldives through a $400 million line of credit and $100 million grant after talks with his Maldivian counterpart Abdulla Shahid.

The 6.7 km Greater Malé Connectivity Project (GMCP) will be the largest civilian infrastructure project in Maldives, connecting Malé with three neighbouring islands — Villingili, Gulhifahu and Thilafushi, officials said.

People familiar with the GMCP pointed out that its implementation was a key election promise of the ruling MDP for which the President of Maldives Ibrahim Mohamed Solih had sought India’s assistance during a meeting with Jaishankar in September.

“India will fund the implementation of Greater Malé Connectivity Project through a $ 400 mn LOC & $ 100 mn grant. This 6.7 km bridge project connecting Malé with Gulhifalhu Port & Thilafushi industrial zone will help revitalise and transform Maldivian economy,” Jaishankar said in a Twitter post.

He also announced the start of regular cargo ferry service between India and Maldives to boost trade and commerce between the two countries.

“We’re also starting an air travel bubble with Maldives to sustain and promote the dynamic people-to-people ties between the two countries,” he added.

Since the election of Ibrahim Mohamed Solih as the president of the Maldives in 2018, India has been working over time to keep the Maldives within its sphere of influence. Solih’s predecessor Abdullah Yameen was seen as close to China, something that kept India wary.

The Indian foreign ministry in a statement on Thursday said “once completed, this (GMCP) landmark project will streamline connectivity between the four islands, thereby boosting economic activity, generating employment and promoting holistic urban development in the Malé region.”

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.