China and Maldives team for infrastructure and renewable energy plans

24 Jul 2024 CW Team

China has committed to enhancing its collaboration with the Maldives in key infrastructure and renewable energy projects, essential for the sustainable development of the island nation, according to Foreign Minister Moosa Zameer. Zameer described his meeting with Luo Zhaohui, Chairman, China International Development Cooperation Agency (CIDCA), as "fruitful," with discussions centered on vital infrastructure initiatives. A significant outcome of the meeting was the signing of the Letter of Exchange on the feasibility study for the redevelopment of Male and Villimale Roads Project, a central pledge of President Mohamed Muizzu's administration. Zameer expressed his delight over this development, underscoring the importance of the Maldives-CIDCA partnership in driving forward sustainable infrastructure projects. Earlier, Zameer shared photos from his meeting with Jin Liqun, president and chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB). He praised AIIB's longstanding support, particularly noting the Greater Male' Waste-to-Energy Project. Discussions also explored potential funding avenues for President Muizzu's ambitious development agenda, focusing on infrastructure investments in connectivity and renewable energy. Zameer also met with Wu Fulin, Chairman, China EXIM Bank, briefing him on the latest fiscal and economic updates and the reform program announced by President Muizzu. Their discussions centred on financing key development projects and exploring future collaborations. Zameer met with Chinese Foreign Minister Wang Yi to discuss the economic and fiscal situation in the Maldives, stressing the importance of implementing President Muizzu's fiscal reforms. He sought China's support to boost consumer and investor confidence in the Maldivian economy, enhancing its resilience. Zameer was accompanied by key officials including Mohamed Shafeeq, Minister of Finance, and Abdulla Muththalib, Minister of Construction and Infrastructure. Since President Muizzu, regarded as pro-Beijing, assumed power last year, Maldives has strengthened its relations with China. During Muizzu's visit to Beijing, the countries elevated their ties to a comprehensive strategic cooperative partnership, signing 20 agreements. This included permitting China's ocean research vessels to berth in Maldivian waters, raising concerns in India. In May, the International Monetary Fund (IMF) warned that the Maldives faces a high risk of debt distress without significant policy changes. The IMF noted that the Maldives' current account deficit is expected to remain large, with fiscal deficits and public debt projected to stay elevated. In response, the Muizzu government sought to restructure loans from China, with the Maldives' debt to China reportedly exceeding $ 1.3 billion. (Source: ET)

China has committed to enhancing its collaboration with the Maldives in key infrastructure and renewable energy projects, essential for the sustainable development of the island nation, according to Foreign Minister Moosa Zameer. Zameer described his meeting with Luo Zhaohui, Chairman, China International Development Cooperation Agency (CIDCA), as fruitful, with discussions centered on vital infrastructure initiatives. A significant outcome of the meeting was the signing of the Letter of Exchange on the feasibility study for the redevelopment of Male and Villimale Roads Project, a central pledge of President Mohamed Muizzu's administration. Zameer expressed his delight over this development, underscoring the importance of the Maldives-CIDCA partnership in driving forward sustainable infrastructure projects. Earlier, Zameer shared photos from his meeting with Jin Liqun, president and chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB). He praised AIIB's longstanding support, particularly noting the Greater Male' Waste-to-Energy Project. Discussions also explored potential funding avenues for President Muizzu's ambitious development agenda, focusing on infrastructure investments in connectivity and renewable energy. Zameer also met with Wu Fulin, Chairman, China EXIM Bank, briefing him on the latest fiscal and economic updates and the reform program announced by President Muizzu. Their discussions centred on financing key development projects and exploring future collaborations. Zameer met with Chinese Foreign Minister Wang Yi to discuss the economic and fiscal situation in the Maldives, stressing the importance of implementing President Muizzu's fiscal reforms. He sought China's support to boost consumer and investor confidence in the Maldivian economy, enhancing its resilience. Zameer was accompanied by key officials including Mohamed Shafeeq, Minister of Finance, and Abdulla Muththalib, Minister of Construction and Infrastructure. Since President Muizzu, regarded as pro-Beijing, assumed power last year, Maldives has strengthened its relations with China. During Muizzu's visit to Beijing, the countries elevated their ties to a comprehensive strategic cooperative partnership, signing 20 agreements. This included permitting China's ocean research vessels to berth in Maldivian waters, raising concerns in India. In May, the International Monetary Fund (IMF) warned that the Maldives faces a high risk of debt distress without significant policy changes. The IMF noted that the Maldives' current account deficit is expected to remain large, with fiscal deficits and public debt projected to stay elevated. In response, the Muizzu government sought to restructure loans from China, with the Maldives' debt to China reportedly exceeding $ 1.3 billion. (Source: ET)

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