India extended Line of Credit worth USD 18 million dollars to Maldives

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07 August 2020 Current Affairs:Government of India has extended Line of Credit (LoC) worth $18 million to the Government of Maldives. The aim is to expand the fishing facilities at Maldives Industrial Fisheries Company (MIFCO).

Highlights:
The project aims to invest in fish collection and storage facilities.
The fund will be used for setting up of a tuna cooked plant and fishmeal plant.  
This is a part of the $800 million LoC offered by India with repayment tenor of 20 years and a 5-year moratorium. 
In Male, fishing is connected to the Maldivian way of life as it is a key driver of the economy through exports.

source https://naukri.sarkari-exam.in/india-extended-line-of-credit-worth-usd-18-million-dollars-to-maldives/

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