India Exim Bank extends Buyer’s Credit facilities under National Export Insurance Account [NEIA]

 India Exim Bank extends Buyer’s Credit facilities under National Export Insurance Account [NEIA] aggregating USD 226.95 Mn to the Government of Republic of Maldives for your perusal.

Export-Import Bank of India [India Exim Bank] has extended two Buyer’s Credit [BC] facilities under National Export Insurance Account [NEIA] aggregating USD 226.95 mn to Fahi Dhiriulhun Corporation Ltd. (FDCL), Government of Republic of Maldives (GoM) for construction of 4000 Social Housing Units in Hulhumale, Maldives by NBCC (India) Ltd. (NBCC) and JMC Projects (India) Ltd. (JMC).

Ms Salfiyya Anwar, Managing Director, FDCL, Maldives signed Buyer’s Credit Agreements under NEIA through Virtual Signing Ceremony on September 23, 2021 in the presence of Ms. Shilpa Waghmare, General Manager, India Exim Bank, Shri Sunjay Sudhir, Indian High Commissioner to Maldives, H.E. Mr. Ibrahim Ameer, Minister of Finance, GoM, H.E. Mr. Fayyaz Ismail, Minister of Economic Development, GoM, H.E. Mr. Akram, Minister of State, Ministry of National Planning, Housing and Infrastructure, GoM. These projects are expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government of India policy of ‘Neighborhood First’.

India Exim Bank had earlier supported Road network development in Hulhumale, Maldives under the NEIA scheme. Further, India Exim Bank has also supported various projects in water, power, railway, transportation and road sectors in various countries viz. Ghana, Zambia, Cameroon, Cote d’Ivoire, Mauritania, Madagascar, Tanzania and Senegal in Africa, Sri Lanka in Asia and Suriname in Latin America under the NEIA scheme. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian Project Exporters backed by cover from NEIA Trust.