An agreement of credit facility has been signed with India's Exim Bank for the agreed USD 800 million (12.4 billion) from India to the Maldives.

The agreement was signed yesterday in a ceremony at the Finance Ministry. The agreement was signed by the Minister of Finance and Treasury, Ibrahim Ameer.

The agreement for the USD 800 million in aid for development in the Maldives was made during President Ibrahim Mohamed Solih's visit to India last year.

Provided throgh Exim Bank, the loan has an interest rate of 1.75 percent and is agreed to be repaid in 15 years after five years.