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World Bank extends grants worth USD34 million to the Maldives

The World Bank has extended two grants worth a combined total of USD34 million for two different projects initiated in the Maldives.

The grant agreements were signed between the Government of the Maldives and the World Bank on July 4. The agreements were signed by the Minister of Finance Ibrahim Ameer and the World Bank’s Country Director for the Maldives Faris H. Hadad-Zervos.

The grants extended by the World Bank include one grant worth USD24 million, allocated for the Sustainable and Integrated Labour Services (SAILS) Project. The grant aims to improve social protection coverage and employability of Maldivian workers by providing insurance against shocks and employment support.

The other grant extended by the World Bank is for the financing of the Digital Maldives for Adaptation, Decentralisation and Diversification Project. The grant, worth USD10 million, will support the Maldives to promote competition in the broadband market, improve digital identification and security, and leverage digital technology to adapt to the increasing impacts of climate change.

Prior to signing the agreements, Finance Minister Ameer and Country Director Hadad-Zervos also held discussions on the macro-fiscal developments, upcoming engagements and support, as well as areas to unlock financing and other collaborative efforts with the World Bank.