02 | OPERATIONS – OTHER FUNDING
Given the recent price increases worldwide, this operation will help the country meet its import needs of essential commodities such as staple foods, medicine, medical equipment and re- fined petroleum products from the international market. The OPEC Fund and ITFC country strategies are well-aligned and continue to bear fruit over our long-term partnership in Maldives.
CYNARA SALMANS Investment Manager, Private Sector & Trade Finance Operations, OPEC Fund
1.7 MN
A further concern is remoteness, which adds costs and complexity to any supply chain, especially in times of crisis. Maldives is an outlier, situated 750 km off the southern tip of India, while spanning a land and sea area of some 90,000 km 2 . In order to streamline imports and support the economy, a US$175 million trade facility, including US$50 million from the OPEC Fund, is now being used to pur- chase food, fuel and other key commodities. The loan facility is helping Maldives in at least three strategic areas: food security, economic growth and energy access. Beyond SDG 2 – Zero Hunger, the facility contributes to SDG 1 - No Poverty, SDG 3 – Good Health and Well-being, as well as SDG 8 – Decent Work and Economic Growth, because critical products affect sectors essential to GDP growth. The loan also supports SDG 17 - Partnerships for the Goals as it involves a coordinated response with the Islamic Trade Finance Corporation.
90,000 KM 2 100 % Staple foods (rice, flour and sugar) imported to Maldives (FAO, 2022) Tourist arrivals in Maldives (2022)
Land and sea area of Maldives
41
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