The Bank of Ceylon (BOC) has said it will open a branch in Addu City in time for the South Asian Association for Regional Cooperation (SAARC) Summit, which is scheduled for that site in November.
The bank’s chairman said construction will start as soon as the Maldives Monetary Authority (MMA) has approved the proposal, reports Haveeru.
BOC has also provided a US$10 million revolving credit line to the Maldives with a six percent interest rate.
Sri Lankan media is reporting that the credit line will be used to purchase fruit and vegetables from Sri Lanka.
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