World Bank approves USD 10 million in grant assistance to Maldives

World Bank’s Board of Executive Directors has approved USD 10 million in grant assistance to the Maldives to leverage digital technologies for development and climate resilience.

In a statement released by the Bank, they detailed the grant assistance was approved for the purpose of assisting Maldives increase competition in the broadband internet market; improve digital identification and security for in-person and online services; and leverage digital technologies, data, and analytics to adapt to the increasing impacts of climate change.

This project will be implanted by Ministry of Environment, Climate Change and Technology, in collaboration with Communication Authority of Maldives, National Centre for Information Technology, and Department of National Registration.

The total financing of the project – USD 10 million – will be fully covered under a grant from the International Development Association (IDA), which is the World Bank’s concessional credit window for developing countries.

Commenting on the newly approved grant assistance – World Bank’s Country Director for Maldives, Nepal and Sri Lanka Faris. H. Hadad-Zervos underscored that the COVID-19 pandemic accelerated digital transition already underway in Maldives, contributing to the emergence of new digital platforms and applications like e-payment systems, telehealth, and online education.

“Building on this momentum, Maldives can unlock new opportunities for growth and new avenues for climate resilience to truly build back better,” he added.