SBI providing USD 16 million liquidity support for local businesses in Maldives

The State Bank of India (SBI) is providing liquidity support of USD 16.20 million for local businesses and deferred loan repayment for over 200 retail accounts, the Indian High Commission in the Maldives said on Monday.

"SBI's COVID-relief for Maldives -- supporting economic relief measures of Government of Maldives, State Bank of India, largest public sector bank, provides liquidity support of USD 16.20 million for local businesses and defers loan repayment for over 200 retail accounts," the High Commission tweeted.

On the occasion of Independence Day of the Maldives on July 26, Indian High Commissioner Sunjay Sudhir said, "Assistance of USD 400 million through an extended currency swap arrangement has been made available already to tide over liquidity shortage. India will soon announce another substantial financial assistance package to support the Maldivian economy and assist in economic recovery post-COVID-19."

"Ours is an all-weather friendship steeped in history and with a glorious future. 'India First' policy of Maldives and 'Neighbourhood First' policy of India has set the foundation of the growing relationship," he added.

( With inputs from ANI )