India gifts US$5 million for SAARC summit

The Indian government gifted US$5 million to Maldives today to assist preparations for the upcoming SAARC (South Asian Association for Regional Corporation) summit due to place November in Addu City.

The US$5 million aid was officially handed over to Foreign Minister Ahmed Naseem at a ceremony at the President’s Office this afternoon by Indian Minister of External Affairs of India S.M. Krishna, who is currently in the Maldives for a two-day visit.

The registry of a plot in Male’ for a new Indian High Commission building was presented to High Commissioner D.M. Muley by Foreign Minister Naseem.

Meanwhile Finance Minister Ahmed Inaz presented the signed agreements for a multi-disciplinary university, a wellness centre and medical resort to be developed in Laamu Atoll by Universal Empire Infrastructure to the Indian company’s Chairman Bala Chandran.

The infrastructure company also signed an agreement yesterday to upgrade the Laamu Gan regional hospital.

Speaking at today’s ceremony, the company’s director Manis Gupta said that the joint venture Island Development Company formed with Works Corporation hoped to complete the university within the next five years. He revealed that the deal took 16 months to finalise and sign.

Gupta added that upon completion of the US$200 million projects, Laamu Gan would become a regional hub for medical treatment.