India extended LoC worth USD 18 million to Maldives
India has extended the Line of Credit worth $18 million to the Government of Maldives in order to expand the fishing facilities in the island country. The facilities will be improved at Maldives Industrial Fisheries Company (MIFCO).
Details
The project is regarding investment in fish collection and storage facilities and the setting up of a tuna cooked plant and fishmeal plant. It is part of the $800 million lines of credit offered by India. The line of credit will have a repayment period of 20 years with the moratorium period of 5 years.
Significance
Fishing is deeply connected to the Maldivian way of life and it is also a key driver in the exports of the country. India recognizes that the Maldives is globally known for its pole and line artisanal fishing that is sustainable and responsible. This project is going to benefit the country in getting to reach new markets, improving the fish collection and storage capacity in the country and also creating greater value addition to the industry. The project will also create employment for the citizens of the country. This will also improve the bilateral relationship between the two countries.
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Month: Current Affairs - August, 2020