A US$10 million line of credit for imported Sri Lankan goods has been established via Bank of Ceylon, President Mohamed Nasheed announced during his radio address yesterday morning.
The President said the agreement, which was signed by governments of Sri Lanka and the Maldives, will help those merchants importing goods from Sri Lanka, and reduce burdens caused by a shortage of foreign currency in the Maldives.
The President said that as part of the agreement, Sri Lanka will construct six kilometer road in Addu City. This contribution will help the Maldivian government prepare for the SAARC Summit, to be held in Addu this year. The credit is also expected to finance additional high quality main roads in Feydhoo, Maradhoo and Maradhoo-Feydhoo of Addu City, the President reported.
President Nasheed said he is hopeful for improved mutual relations between the Maldives and Sri Lanka. Nasheed added that the Sri Lankan president has offered his full support in making the 2011 SAARC Summit successful.