MUMBAI (Thomson Financial) - The Asian Development Bank (ADB) said it has entered into a five-year Country Partnership Strategy (CPS) with the Maldives to ensure the country can cope with development challenges as it nears middle income economy status.
The multilateral agency said under the CPS, it would provide financial support including a total 34 mln usd in loans and 3 mln usd in grants, spread over two phases.
The Maldives faces many constraints including its narrow economic base, a government-dominated economy, low participation rate in labour force, inequality, weak public institutions, and lax fiscal policy.
The focus will be on energy, industry and trade, law, economic management, public policy, and transport and communications, the ADB added.
In phase I, assistance would be provided to developing capacities in managing the development process. It will also establish the technical ground work for phase II, where ADB will focus on providing assistance for power, transport and private sector development, the ADB said.
Courtesy: TFN
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