New Delhi, Feb 25 (PTI) Exim Bank will support construction of social housing units in Maldives through its USD 130 million loan to Fahi Dhiriulhan Corporation Ltd, said the lender on Thursday.

Exim Bank said it exchanged a letter of intent (LoI) with Fahi Dhiriulhan Corporation Ltd on February 20, the Government of Maldives for the design and construction of 2,000 social housing units in Hulhumale, Maldives, valued at USD 130 million.

The project is proposed to be executed by NBCC (India) Ltd, it said.

This funding is proposed to be provided under the buyer's credit programme under the National Export Insurance Account (NEIA) scheme.

The project is expected to improve the socioeconomic well-being of Maldivian citizens and is in line with the Government of India policy of 'Neighbourhood First', Exim Bank said.

The LoI was exchanged in Male, as part of External Affairs Minister S Jaishankar's visit to Maldives.

Exim Bank said it has earlier supported road network development in Hulhumale, Maldives, under the NEIA scheme.

Further, India's Exim Bank has also supported various projects in water, power, railway and road sectors in various countries such as Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia as well as Suriname in Latin America under the NEIA scheme.

The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust, Exim Bank added. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)