The Government has revealed that India had agreed to an additional release of USD25 million from the Standby Credit Facility to the Maldives. The Joint Statement issued on the occasion of the five day official visit of the President Mohamed Waheed Hassan Manik stated the President had thanked the Indian Prime Minister Manmohan Singh for the USD25 million standby credit facility.
President Waheed also expressed appreciation for the US$ 40 million Line of Credit for construction of 500 housing units that was extended last year and it was agreed that the work on the same would commence at the earliest, statement read.
The statement also said that the President had conveyed appreciation for the release of an installment of USD20 million from the Standby Credit Facility from India in February as well as the rollover of the USD50 million State Bank of India (SBI) Treasury Bonds by a year.
The Government of India had also issued loan of USD100 million last November.
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