Tag: Maldives

Categories
Economy UAE News

OPEC Fund extends $10mn loan to Bank of Maldives

According to the Fund, the loan will be used for on-lending to small- and medium-sized enterprises (SMEs) engaged in tourism and related services…reports Asian Lite News

 The OPEC Fund for International Development (OFID) has announced the signing of a US$10 million private-sector loan agreement with the Bank of Maldives.

According to the Fund, the loan will be used for on-lending to small- and medium-sized enterprises (SMEs) engaged in tourism and related services in the Maldives that have been severely impacted by the COVID-19 pandemic.

The Bank of Maldives, as a leading lender to the tourism industry and the largest financial institution in the Maldives, will provide much-needed working capital to benefit businesses in the tourism and related industries.

Tim Sawyer, Bank of Maldives CEO and Managing Director, commented, “The funding comes at an opportune time as we reinforce resources for our COVID-19 response for the tourism and business sectors severely affected by the pandemic. Early on, we took the lead in mitigating the impact of COVID-19 for businesses and this support from the OPEC Fund will aid our efforts as the country continues on its road to recovery.”

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, “We are pleased to have the opportunity to support the post-pandemic economic recovery in the Maldives. This private-sector lending further builds upon our established framework of cooperation with the Maldives, which dates back to 1977 and has allowed the OPEC Fund to provide public and private sector financing to support critical development projects in the country for decades.”

“Our loan will help to revive businesses and sustain jobs that are critical for the stability of the local economy,” he noted.

The OPEC Fund’s loan forms part of syndication led by IFC, a member of the World Bank Group. “Helping Maldives revive tourism is critical for the resilient recovery of the economy hampered by COVID-19,” said Rosy Khanna, Regional Director for Financial Institutions Group for IFC Asia and the Pacific.

The OPEC Fund has provided public and private sector lending to the Maldives for decades, financing projects in transportation, multi-sectoral, water and sanitation, and financial sectors. This latest loan is aligned with the OPEC Fund’s COVID-19 response package approved last year to assist its partner countries in their impact and recovery efforts.

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.

ALSO READ: IPL to resume on Sep 19 in UAE

Categories
-Top News Asia News India News

Cabinet approves MoU between India, Maldives

The MoU, which came into effect from February, will remain in force for an indefinite period…reports Asian Lite News

The Union Cabinet on Wednesday was apprised of the Memorandum of Understanding (MoU) signed in February this year between India and Maldives on cooperation in sustainable urban development.

According to the official release, a Joint Working Group (JWG) will be constituted to strategise and implement programmes on cooperation under the framework of the MoU. JWG will meet once in a year, alternately in Maldives and in India.

“The MoU will promote strong, deep and long-term bilateral cooperation in sustainable urban development between the two countries. The MoU is expected to create employment in the areas of sustainable urban development including urban planning, solid waste management, affordable housing, urban green mobility, urban mass rapid transport, smart cities development,” it said.

The MoU, which came into effect from February, will remain in force for an indefinite period.

The objectives of the MoU are to facilitate and strengthen India-Maldives technical cooperation in the field of sustainable urban development including urban planning, solid waste management, affordable housing, urban green mobility, urban mass rapid transport, smart cities development and any other related area mutually agreed by contracting parties. (ANI)

Last month, India announced the opening of a new Consulate General in Addu City in the Maldives this year, a move to augment India’s diplomatic presence.

The opening of the Consulate General in Addu City will also provide market access to Indian companies and bolster Indian exports of goods and services.

The decision was taken on Tuesday during a Union Cabinet meeting chaired by Prime Minister Narendra Modi.

“This is also a forward-looking step in pursuit of our national priority of growth and development or ‘Sabka Saath, Sabka Vikas’,” said a Cabinet note.

“Augmentation of India’s diplomatic presence will, inter-alia, provide market access for Indian companies and bolster Indian exports of goods and services. This would have a direct impact in augmenting domestic production and employment in line with our goal of a self-reliant India or ‘Atmanirbhar Bharat’.”

India and the Maldives share ethnic, linguistic, cultural, religious and commercial links steeped in antiquity. Maldives occupies an important place in the ‘Neighbourhood First Policy’ and the ‘SAGAR’ (Security and Growth for All in the Region) vision of the Government of India.

The momentum and energy in the bilateral relationship has reached unprecedented levels under the leadership of Prime Minister Modi and President Solih, a Cabinet note mentioned.

ALSO READ: Maldives Police arrest two over attack on ex-Prez

Categories
Asia News Politics

Maldives Police arrest two over attack on ex-Prez

State-owned PSM News reported on Saturday that 21-year-old Mujaz Ahmed and 32-year-old Thahumeen Ahmed were arrested in connection to an attack…reports Asian Lite News

Two suspects have been arrested by the Maldives Police Service (MPS) in investigations into a terrorist attack last week that injured former President and Parliament Speaker Mohamed Nasheed, state media reported.

State-owned PSM News reported on Saturday that 21-year-old Mujaz Ahmed and 32-year-old Thahumeen Ahmed were arrested in connection to an attack that took place outside Nasheed’s residence in Male on May 6, reports Xinhua news agency.

Nasheed was admitted to the ADK Hospital, where he underwent multiple life-saving surgeries.

Doctors said that ball bearings and shrapnel were lodged in Nasheed’s body, injuring his ribs and organs.

The former leader has been placed in the intensive care unit and is currently in critical condition, according to the ADK Hospital.

According to the police, one of the suspects is the owner of a motorcycle that was planted with an Improvised Explosive Device (IED) and parked next to Nasheed’s car.

Also read:Maldives tourism sees strong rebound

Police said that the motorcycle had a fake number plate, but the registered owner was tracked down through investigations.

PSM News quoted Chief of Defence Force Major General Abdulla Shamaa who said that the IED was remotely controlled and more powerful than the explosives used in the Sultan Park bombing in capital Male in 2007 which injured 12 tourists.

Director General of the National Counter-Terrorism Centre (NCTC) Brigadier General Zakariyya Mansoor was quoted as saying that the attack would have a long-term impact on the perception of the Maldives in the international community.

He also raised concerns about locals joining foreign terrorist groups.

Nasheed, 53, became the President in 2008 after winning the country’s first multi-party elections.

He became Parliament Speaker, the second most powerful position in the country, after his party won the elections in April 2019.

Also read:Maldives ex-president Nasheed hurt in assassination bid

Categories
Asia News Politics

Maldives ex-president Nasheed hurt in assassination bid

The Indian Ocean archipelago’s first democratically elected leader was hurt when a device attached to a motorcycle was detonated as he got into a car late Thursday…reports Asian Lite News

Former Maldives president and current parliamentary speaker Mohamed Nasheed was recovering in hospital Friday after an assassination attempt left him with shrapnel wounds.

The Indian Ocean archipelago’s first democratically elected leader was hurt when a device attached to a motorcycle was detonated as he got into a car late Thursday, an official said.

“Nasheed escaped an assassination attempt,” a Maldivian government official said. “He is injured, but his condition is stable.”

Images on social media showed a destroyed motorbike at the scene of the attack.

Armed police units and security forces cordoned off the area in the capital Male where the attack took place, and the Maldivian parliament, which was in recess, called an emergency meeting following the attack.

President Ibrahim Mohamed Solih, a close ally of Nasheed, said an investigation was under way as officials rushed to denounce the targeted attack on the country’s second most powerful figure.

“Strongly condemn the attack on Speaker of Parliament, President Mohamed Nasheed this evening. Cowardly attacks like these have no place in our society,” Foreign Minister Abdulla Shahid said in a tweet.

“My thoughts and prayers are with President Nasheed and others injured in this attack, as well as their families,” he tweeted.

A family member said Nasheed had sustained several wounds.

“They have put him under anaesthesia. There is a deeper cut on one of his arms,” the family member said, speaking on condition of anonymity.

The relative said Nasheed was responsive and spoke with doctors as he was admitted with shrapnel injuries. One of his bodyguards was also taken to hospital.

The Indian Ocean nation of 330,000 Sunni Muslims is best known around the world for its luxury holiday resorts popular with honeymooners, but it suffers from regular political turmoil.

The government has cracked down on extremism and preaching is highly regulated, but violent attacks have been rare. However, a dozen foreign tourists were wounded by a bomb blast in Male in 2007.

The Islamic State claimed a boat arson attack last year but there is little evidence the group has a presence in the archipelago.

Also read:Malaysia ousts N.Korean diplomats

Nasheed rose to become the Maldives’ first democratically elected leader in 2008 in the country’s first multi-party elections after 30 years of autocratic rule.

But the pro-democracy pioneer is maybe best known internationally for holding a 2009 underwater cabinet meeting to highlight the threat of global warming, signing documents as officials wore scuba gear against a backdrop of coral reefs.

“What we are trying to make people realise is that the Maldives is a frontline state. This is not merely an issue for the Maldives but for the world,” he said at the time.

He resigned three years later after protests against his rule and has failed to reclaim the presidency despite several attempts. Instead, he secured the position of parliamentary speaker in 2019, retaining his influence in political life.

Nasheed is a former Amnesty International prisoner of conscience after being sentenced to 13 years in prison in 2015 on terrorism charges slammed as politically motivated by civil rights groups.

S.-Jaishankar
Jaishankar expresses concern

External Affairs Minister S Jaishankar on Thursday expressed concerns over the attack on Maldivian former President Mohamed Nasheed and said that the Majlis speaker will “never be intimidated”.

“Deeply concerned at the attack on Speaker @MohamedNasheed. Wish him a speedy recovery. Know that he will never be intimidated,” Mr Jaishankar tweeted.

Maldives Foreign Minister Abdulla Shahid “strongly condemned” the attack and said that cowardly attacks like these have no place in our society.

“Strongly condemn the attack on Speaker of Parliament, President @MohamedNasheedthis evening. Cowardly attacks like these have no place in our society. My thoughts and prayers are with President Nasheed and others injured in this attack, as well as their families, as Abdulla Shahid wrote in a tweet on Thursday.

Also read:UK reopens quarantine-free travel to select countries