China Eximbank offers $57 million loan for SMART Maldives Project

Funder	China (People's Republic of)
Recipient Organization	Maldives
Country	Maldives
Start Date	Nov 30, 2012
End Date	Aug 14, 2029
Duration	6,101 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`53898`

Grant Description

China Eximbank offers $57 million loan for SMART Maldives Project In 2012, the Sri Lankan subsidiary of Chinese telecom giant Huawei Technologies signed an MoU with Maldives’ National Centre of Information Technology (NCIT) to develop IT infrastructure in the Maldives under the SMART Maldives Project.

Maldives' Ministry of Foreign Affairs then approached China for “concessional financing” of $60 million for the project.

In turn, the Export-Import Bank of China offered the Maldives a $57 million USD loan, with a 20-year maturity, to develop IT infrastructure under the SMART Maldives Project. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.