News

ADB to provide USD 41 million finance package to BML

Published

1 year ago

30/03/2023

Asian Development Bank (ADB) signed a USD 41 million finance package with Bank of Maldives (BML) to support locally owned small and medium businesses and tourism companies in the Maldives.

The entire financing package arranged, structured and syndicated by ADB, as the sole mandated lead arranger and book runner, comprises a loan up to USD 13 million from ADB’s ordinary capital resources, a parallel loan of up to USD 13 million from Japan International Cooperation Agency (JICA) and a parallel loan of up to USD 5 million from the Development Bank of Austria.

Additionally, ADB blended the project’s debt financing with a concessional loan up to USD 9 million from the Canadian Climate Fund for the Private Sector Asia II (CFPS II) and a grant up to USD 2 million from ADB’s Asian Development Fund (ADF) – Private Sector Window (ADB-PSW).

Commenting on the financing package agreement – ADB’s Director General for Private Sector Operations Suzanne Gaboury said the blue economy is crucial to future prosperity in Maldives, as its people and economy are intrinsically linked to the health and wealth of the ocean, coral reefs, beaches, and marine life while investments in the blue economy including by SMEs and through climate adaptation projects have been lacking.

“This partnership with BML will deliver much-needed financing to the tourism sector and support climate projects locally owned SMEs, including those owned and run by women,” she added.

According to ADB, at least 60 percent of the loan package will be earmarked for lending to SMEs and 5% allocated to women-owned or led firms. The CFPS II loan and PSW grant will support BML’s capacity to support and promote climate change mitigation and adaptation projects focused on the blue economy.

BML’s CEO, Managing Director Karl Stumke assured the bank will continue to enhance its focus on supporting sustainable tourism and economic recovery in the country while helping to mitigate the impacts of climate change.

Maldives is highly vulnerable to natural hazards and extreme climate events due to its fragile ecological profile and low elevation. Moreover, Maldives lacks domestic conventional energy resources and is dependent on imported fossil fuels. Financing from ADB-administered funds will help improve the resilience and sustainability of the economy, especially the tourism sector.

Source(s): sun.mv

News

Maldives’ ex-president Yameen walks free after Aarah conviction overturned

Published

4 hours ago

18/04/2024

Former Maldivian leader Abdulla Yameen Abdul Gayoom walked free on Thursday, after the High Court overturned a conviction against him for money laundering and bribery.

Yameen was sentenced to 11 years in prison on December 25, 2022, on charges of bribery and money laundering in connection to the sale of V. Aarah. The High Court delivered its verdict on Thursday, after a months-long pause in the appeal proceedings.

But instead of a full exoneration, the court overturned the two convictions and ordered a retrial in the case.

Earlier on Thursday, the High Court overturned the three-year prison sentence issues against Yameen’s co-defendant in the case, former Felidhoo MP Yoosuf Naeem, who was convicted of bribing the former president.

Delivering the judgement, Judge Hassan Shafeeu – who chaired the three-member bench – said that the Criminal Court committed major wrongs in the trial. He said the verdict was issued “outside the bounds of the law.”

The other two judges concurred.

The High Court’s judgement comes four months after it concluded appeal hearings in the case. The sentencing hearing was scheduled on Wednesday night, after Speaker Mohamed Aslam – a top politician from the main opposition Maldivian Democratic Party (MDP) – threatened to lodge a case with the Judicial Service Commission (JSC) over the prolonged appeal process.

This marks the second time for a court to overturn a conviction against Yameen. In 2021, the Supreme Court overturned a five-year sentence issued against him for money laundering in connection to the sale of GA. Vodamulla – another island which was leased for resort development during his administration.

The conviction in the Aarah case had disqualified Yameen from contesting the 2023 presidential elections. Though he initially asked the then-opposition PPM-PNC (Progressive Party of Maldives-People’s National Congress) coalition to boycott the election, he later endorsed President Dr. Mohamed Muizzu, who won the vote taken by the coalition’s joint senate to produce a backup candidate.

Yameen was transferred home on October 1, 2023 – a day after President Muizzu won the presidential election.

But less than a week after President Muizzu took office in November, Yameen left the ruling PPM-PNC and initiated efforts to form a new party, the People’s National Front (PNF).

He has also grown increasingly vocal in his criticism of President Muizzu’s administration, has repeatedly alleged that President Muizzu and other members of the PPM-PNC leadership had never wanted him freed.

Source(s); sun.mv

News

Seventy-five housing units to be established in Dhiggaru

Published

4 hours ago

18/04/2024

The Ministry of Housing, Land and Urban Development has awarded the project of constructing 75 housing units in Dhiggaru, Meemu Atoll to the Maldives Transport and Contracting Company (MTCC).

The agreement for the project was officially signed by the Permanent Secretary at the Ministry of Housing, Land and Urban Development Zeeniya Ahmed Hameed and the Chief Executive Officer at MTCC Abdulla Ziyad during a ceremony.

Under the terms of the agreement, the project will entail the construction of 75 housing units spread across 1,000 acres in Dhiggaru. Each unit will consist of three rooms, three washrooms, a sitting room, a kitchen, a dining area, and a laundry room. The project is slated to commence and be completed within 420 days.

This initiative stems from President Dr. Mohamed Muizzu’s visit to Dhiggaru last year, during which he pledged to kickstart the construction of 75 housing units and committed to further development in the area in the following year.

Source(s): PsmNews

News

Hilmy appointed as new defense chief

Published

11 hours ago

18/04/2024

Major General Ibrahim Hilmy has been appointed as the new Chief of Defense Force.

The appointment was made President Dr. Mohamed Muizzu, the Commander in Chief of the Maldives National Defense Force (MNDF), on Thursday.

He was presented with his letter of appointment in a ceremony held at the President’s Office on Thursday morning.

The president also appointed Brigadier General Ahmed Ghiyas as the Vice Chief of Defense Force.

Hilmy, who had been serving as Vice Chief of Defense Force, was promoted to the position of the Chief of Defense Force following the outgoing Chief of Defense Force, Lieutenant General Abdul Raheem Abdul Latheef’s retirement on Wednesday.

Abdul Raheem had received an honorable discharge from military service upon reaching 60 years of age.

He served for 39 years.

Source(s): sun.mv