Asian Development Bank (ADB) has decided to grant USD 120 million to Maldives to conduct 3 projects.
Speaking at a press conference held at President’s Office, President of ADB Takehiko Nakao said the organisation has decided to fund 3 projects over a period of 2 years. He revealed USD 10 million would be provided to generate electricity from renewable energy resources, USD 60 million to generate electricity from waste and USD 50 million to develop powerhouses.
Furthermore, the president of ADB said small amount of aid grants were provided to Maldives previously, adding however, the organisation has now decided to increase the package provided to the development of Maldives. He said ADB would provide funds for health sector, education sector and SME finance, in addition to projects from energy and environment sector.
Takehiko Nakao is in Maldives for a two day official visit.