Maldives secures US$50m loan for water and waste projects

The Maldives has obtained a US$50million loan from the OPEC Fund for Development to provide access to water and solid waste management on 49 islands.

Finance minister Abdulla Jihad signed the agreement in Vienna on Thursday. The loan is to be repaid within 18 years, including a grace period of four years.

The interest rate on the loan is 4.6percent.

Under the “Provision of water supply, sanitation and solid waste management project,” sewerage systems will be established on southern Addu Atoll’s Maradhoo, Maradhoofeydhoo, Feydhoo, Hulhudhoo and Meedhoo islands.

Water supply networks will be established in ten islands and water supply systems with desalination and storage facilities will be established in 14 islands.