Minister of Finance Abdulla Jihad has said that the government of China will provide $100 million as financial aid for the Malé-Hulhulé Bridge Project.
Speaking at a ceremony at Ministry of Housing and Infrastructure this morning for the signing of a Memorandum of Understanding (MoU) for the project between the two governments, Jihad said that the total cost of the project is $300 million.
He said that $100 million will be given as free aid while $170 million will be given as a loan by the Chinese government, and the remaining $30 million will be contributed by the Maldivian government.
The interest rate of the loan is 2 percent.
Jihad thanked the Chinese government for its assistance.
Speaking at the ceremony, Director General of the Ministry of Commerce of China highlighted the importance of the project to the leaders of both countries, and said that the project has now reached a new stage.
Housing Ministry has said that construction of the 1.39 km bridge will begin before the end of the year, and that the project will be completed within two years.