European Investment Bank (EIB) has provided financing amounting to 45 million euros which would go towards achieving renewable energy goals of Maldives and ultimately ease the state fiscal burden due to reduction in fuel and energy expenditures.
The funds would be provided as part of the loan amendment of the POISED project signed by Minister of Finance of Maldives and the Vice President of EIB Andrew Mcdowell. The agreement was signed when Minister Ameer visited Luxembourg to attend the 4th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) held in from July 12-13.
Minister Ameer headed the delegation as the Governor from Maldives to AIIB. Alternate Governor to AIIB, Minister of National Planning and Infrastructure Mohamed Aslam also attended the Annual Meeting.
The theme of the meeting was Cooperation and Connectivity. The meeting was attended by governors, delegations from prospective members, partner institutions, civil society organisations, private sector, media, and leading experts across a range of fields from all AIIB member countries.
The meeting also included a Governors' Business Roundtable, during which governors offered insights on the development and priorities of the bank, as well as a programme of high-level seminars on issues important to AIIB and to the host country.
Minister Ameer participated in the Governor's Seminar on Digital Connectivity as a panellist and highlighted on the challenges faced by Maldives as an island nation to establish a digital infrastructure and on the initiatives planned by the administration.
Furthermore, the Maldivian delegation made a courtesy call on the President of AIIB Jin Liqun. During the meeting, potential areas for assistance from AIIB were discussed such as the financing of sustainable city development, maritime transport systems and the establishment of infrastructure to further support tourism sector development.
President Jin highlighted on the benefits of the newly opened SinaMale' Bridge and noted it is vital to explore future collaborations with AIIB for the establishment of solar power systems in order to reduce the carbon footprint.
AIIB is a multilateral development bank that aims to support the building of infrastructure in Asia and beyond. The foundation of the bank is built on the lessons of experience of existing multilateral development banks and the private sector.