State Bank of India’s urged to raise ceiling

President Mohamed Nasheed, who returned to Male’ after concluding a three day official visit to India, has said that he has urged the Indian government to raise the ceiling of bank loans provided to Maldivian business community by State Bank of India to US $ 500 Million.

Speaking to Maldivian media from New Delhi, President Nasheed said Indian government has given positive indications to his request.

President said State Bank of India currently provides up to US $ 200 Million. He revealed that following his request, the Indian government has said that it will discuss the issue with the State Bank of India’s management and see what can be done.

He further said during his meeting with Indian Prime Minister Manmohan Singh he has asked the Prime Minister to afford facilities from the Indian Axim Bank to Indian business community so that they can export goods to Maldives.

“Then there is the issue of our students obtaining higher education here, we are looking at receiving a thousand scholarships from India” said the President briefing the Maldives media from Taj Mahal Hotel.

President Nasheed who is currently on his maiden trip to India after being sworn in as president over a month ago, said discussion were also held on developing human resources in sectors, like nursing, tourism.

President revealed that among the things that has been agreed between both countries include, improving the road systems of some islands, developing and improving the services provided by Indhira Gandhi Memorial Hospital (IGMH) built by the assistance from Indian government , developing the Hotel School and providing assistance to establish suitable sewerage systems in the islands of Maldives.
State Bank of India