The primary objective of this emergency assistance project is to provide support to the government due to elevated global energy prices arising from ongoing geopolitical developments in the Middle East.
Ministry of Finance
The Government of the Republic of Maldives and the Asian Development Bank (ADB) have signed the legal agreements for the “Energy Security Emergency Assistance Project,” totalling USD 50,000,000 (Fifty Million US Dollars).
The signing ceremony took place today at the Ministry of Finance and Public Enterprises (MOFPE). The Loan Agreement was signed by the Minister of Finance and Public Enterprises, Honourable Hassan Zareer, on behalf of the Government of the Maldives. Concurrently, the Project Agreement was signed by the Chief Executive Officer and Managing Director of State Trading Organisation (STO), Mr Shimad Ibrahim. Dr Thiam Hee Ng, Regional Head of the Regional Cooperation and Integration Unit, South Asia Department, signed both agreements on behalf of the Asian Development Bank. The ceremony was attended by senior representatives from MOFPE, STO, and the ADB.
The primary objective of this emergency assistance project is to provide support to the government due to elevated global energy prices arising from ongoing geopolitical developments in the Middle East. This facility remains part of the Government’s efforts to secure financing from multilateral sources on concessional terms, thereby minimising risks to the Government’s debt portfolio and supporting the achievement of the government’s debt sustainability targets.
The Asian Development Bank continues to be an invaluable development partner to the Maldives, providing consistent and generous support and assistance to the nation over the years.
