ADB & BOM sign $41 million financing package

 Wednesday, March 29, 2023 


Amilla Maldives Resort

With the Bank of Maldives, the Asian Development Bank on Tuesday has signed a $41 million financing package. This initiation would support locally owned small and medium-sized enterprises and tourism businesses.

The ADB is the sole mandated lead arranger and bookrunner, organized well-planned, and structured the entire funding package, that includes a loan of up to $13 million from the ordinary capital resources of ADB, a similar loan of around $13 million from the Japan International Cooperation Agency, and a parallel loan of up to $5 million from the Development Bank of Austria.

To get improved development impact and to highlight bankability problems in regards to Maldives’ blue economy transactions, the ADB explained that it mixed the debt financing of the project with a $9 million concessional loan from the Canadian Climate Fund for the Private Sector in Asia II and a grant of up to $1 million from the Asian Development Fund Private Sector Window of ADB.

Suzanne Gaboury, ADB Director General for Private Sector Operations, said that the blue economy is important in terms of Maldives’s future prosperity as its locals and economy are essentially associated with the health of the coral reefs, ocean, seaside places and marine life. But, when it comes to investments in the blue economy, through climate adaptation projects and SMEs, there have been major dearth in it.

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