World Bank is expected to extend a total of USD16.5 million in aid to Maldives for it to improve crisis management and recovery.
The aid by the bank is aimed to assist the island nation’s urban development and crisis recovery, to improve its status in dealing with unprecedented events.
Parties to the arrangement signed on the agreement previous week through a digital medium. Maldives Minister of Finance Ibrahim Ameer bore signature on behalf of the government and the bank’s country director to both Nepal and Sri Lanka Dr. Ida Swarai-Ridiho signed on behalf of World Bank.
The bank’s statement on Thursday claimed under the ‘Maldives Urban Development and Resilience Project’ the water drainage system of Maldives capital will be greatly improved.
World Bank’s statement notes the drainage system is outdated and non-functional, causing major issues to the country’s capital during rainy weather. The streets readily flood due to the lack of proper drainage system in place.
The bank confirmed USD16.5 million will spend on the project, which includes the grant from International Development Association (IDA) worth USD8.25 million and another USD8.25 million of loan aid.