India announced USD 500 million assistance for major connectivity project in Maldives

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14 August 2020 Current Affairs:India has announced $500 million assistance for Maldives on 13 August 2020 for Greater Male Connectivity Project (GMCP). The fund is for the implementation of a major connectivity project in the Maldives will be done through a $400 million line of credit and $100 million grant. The announcement was passed by the External Affairs Minister S Jaishankar after holding wide-ranging talks with his Maldivian counterpart Abdulla Shahid. 

Greater Male Connectivity Project (GMCP):
The project aims to implement 6.7 km.
GMCP is expected to be the largest civilian infrastructure project in Maldives, connecting Male with three neighbouring islands namely Villingili, Gulhifahu and Thilafushi.
The project includes construction of a bridge-and-causeway link.
The project will boost economic activity, generate employment and promote holistic urban development in the Male region.
India is to extend financial support for construction of a port in Gulhifahu. It will enhance sea connectivity. It is also expected to provide predictability in supplies for importers in Maldives and exporters in India. The project will reduce logistics costs and times for traders.

source https://naukri.sarkari-exam.in/india-announced-usd-500-million-assistance-for-major-connectivity-project-in-maldives/

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