India Exim Bank Extends Buyer’s Credit Facilities Under NEIA Totaling $ 226.95 Million To Government Of Republic Of Maldives

Export-Import Bank of India [India Exim Bank] granted two purchase credits [BC] facilities under the National Export Insurance Account [NEIA] totaling USD 226.95 million to Fahi Dhiriulhun Corporation Ltd. (FDCL), Government of the Republic of Maldives (GoM) for the construction of 4000 social housing units in Hulhumale, Maldives by NBCC (India) Ltd. (NBCC) and JMC Projects (India) Ltd (JMC).

Ms. Salfiyya Anwar, Managing Director, FDCL, Maldives signed the NEIA Buyer Credit Agreements in a virtual signing ceremony on September 23, 2021, attended by Ms. Shilpa Waghmare, Managing Director, India Exim Bank, Shri Sunjay Sudhir, Indian High Commissioner to Maldives, HE Mr. Ibrahim Ameer, Minister of Finance, GoM, HE Mr. Fayyaz Ismail, Minister of Economic Development, GoM, HE Mr. Akram, Minister of State, Ministry of National Planning, Housing and infrastructure, GoM.

These projects are expected to improve the socio-economic well-being of Maldivian citizens and are in line with the Indian government’s “Neighborhood First” policy.

India Exim Bank previously supported the development of the road network in Hulhumale, Maldives, under the NEIA program. In addition, India Exim Bank has also supported various projects in water, power, railway, transport and road sectors in various countries, viz. Ghana, Zambia, Cameroon, Ivory Coast, Mauritania, Madagascar, Tanzania and Senegal in Africa, Sri Lanka in Asia and Suriname in Latin America under the NEIA program.

The NEIA program is a unique funding mechanism that provides a secure mode of financing for Indian exporters of projects supported by NEIA Trust coverage.

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