Finance Minister Abdullah Jihad has stated that the Chinese Government will contribute US$ 270 for the Male’ Hulhumale’ project.
He made the statement speaking in the ceremony held to sign the MOU for the bridge project held between the Government and Chinese Government yesterday in Housing Ministry.
Finance Minister Abdullah Jihad signed the agreement on behalf of the Government. Director General Wung Yongup from China’s Ministry of Commerce’s Department of Foreign Assistance signed the agreement.
Minister Jihad stated that the entire project would cost US$ 300 million out of which US$ 100 million would be grant aid given by Chinese Government. An additional US$ 170 million will be provided under a soft loan with an interest rate of two percent. The loan payback period is around 20 years.
The Maldivian Government has to contribute the remaining US$ 30 million to complete the full amount of the loan.
Minister Jihad stated that the full details of the agreement will be disclosed once all agreements are signed. He added that the bridge project was not just a bridge but the future of the nation and the economy.