President Dr. Mohamed Waheed Hassan Manik has stated that China is set to give the Maldives loan aid amounting to USD 500 million, reports Reuters on Saturday. According to Reuters, President Dr. Waheed informed the news agency about the financial assistance from China in an interview on the eve of his visit to the Asian giant. Reuters said that China would, according to the President, provide USD 150 million for housing projects, while another USD 350 million would be given through the Axim Bank for trade development purposes. No further details about the loans have been revealed. Several steps have recently been taken by governments of both China and the Maldives to strengthen ties between the two nations. As such, former President Nasheed’s administration saw the opening of a Chinese embassy in the Maldives, and following months saw an unusual number of Chinese diplomats visit the Maldives. President Dr. Waheed is visiting China in response to an invitation extended by the Chinese government. The invitation was communicated during last Ramadan, by the senior leaders of a Chinese Muslim delegation, which included a senior official of the Chinese foreign ministry. The delegation also invited Shaikh Muhammad Shaheem Ali Saeed, the Maldivian Minister of Islamic Affairs, to tour to China.