Exim Bank extends USD 400 million soft loan to Maldives for connectivity project

The Export-Import Bank of India (Exim Bank) on behalf of the Government of India has extended a Line of Credit (LoC) of USD 400 million (about Rs 2,932 crore) to Maldives.
The soft loan will be used for financing Greater Male Connectivity Project (GMCP) in Maldives, which is the single-largest connectivity and infrastructure project in the island nation.
LoCs or soft loans are concessional loans that are offered at cheap rates.