The government has agreed a loan of US$8.4 million (MVR129.5 million) with OPEC Fund for International Development (OFID) to build a hospital in Hithadhoo, Sun Online reports.
OFID is a finance institution established by the group of petroleum exporting states to channel aid to less-developed nations, most often for vital infrastructure
Previous loan support from the fund was given to upgrade Male’ international airport in 1999, and again in 2005 to extend Wataniya’s telecoms coverage.
Sun reported that the loan had originally been agreed last year, at a slightly higher rate of interest, and that the repayment period was 20 years.
Minister of Finance and Treasury Abdulla Jihad told Sun that the Health Ministry would begin the search for contractors next week.
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Go Waheed Go... you are the Man Mr. Baghee Waheed. Please note there are numerous Banks in the world...go get them, squeeze them dry.
budget deficits, uncurbed high state expenditures, higher taxes, foreign currency bancrupcy....why does the finance ministry seem to be so hungry for loans when they know they wont be the one repaying this loans but the common people.??? you plan to build another hospital when you cant even provide enough doctors and upgrade IGMH?? wheres your brain??