Ministry of Finance and Treasury has discussed with Asian Development Bank (ADM) to issue loans for low interest rates.
The discussion with ADB President, Mr. Takehiko Nakao took place during an official trip to Manila, Phillipines by the Finance Minister, Ahmed Munawwar for the 51st annual ADB meeting.
Further details on the discussion has not been revealed yet.
Minister Munawar further noted that a meeting also took place with ADB Vice President Wencai Zhang and Director General Hun Kim to discuss loans to aid lesser economically developed countries such as the Maldives.
ADB is fixed on financially assisting all upcoming projects in the Maldives over the next three years.
The Asian Development Bank was conceived in the early 1960’s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
ADB assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.