The Government of Japan extends 'The COVID-10 Crisis Response Emergency Support Loan' to the Republic of Maldives
Malé, September 28, 2020 – The Government of Japan has approved 5 billion Japanese Yen (approximately USD 47.5 million) to the Government of the Republic of Maldives. This is a concessional loan with a fixed interest of 0.01 percent annually for 15 years. The Ambassador of Japan to the Maldives, Her Excellency Keiko Yanai and Minister of Foreign Affairs, His Excellency Abdulla Shahid signed the Exchange of Notes, at a ceremony held at the Ministry of Foreign Affairs this afternoon.
The Government of Japan hopes that this financial assistance will enable the Government of the Maldives to scale up its on-going efforts to strengthen the capacity to respond to COVID-19 pandemic and revitalize its socio-economic activities.
The Government of Japan has been actively contributing to global efforts to overcome COVID-19. It has previously committed grants in total value of approx. USD 7.5 million to the Maldives, namely:
- USD 5.6 million to the government of Maldives to equip and improve the health services at atolls and regional hospitals across the Maldives.
- USD 1.4 million to the UNDP Maldives in support of small and medium enterprises in agri-businesses affected by COVID-19 and,
- USD 356,400 for UNICEF Maldives and USD 185,000 for Maldives Red Crescent to complement the government’s efforts to respond to COVID-19.
The Government of Japan hopes that this financial assistance will support the Government of Maldives in mitigating the adverse socio-economic impacts of the COVID-19 pandemic.