Finance Ministry sign $10 million grant with World Bank

The Finance Ministry on Monday signed a USD 10 million grant project with the World Bank.

The Finance Ministry detailed that the project – Sustainable and Integrated Labor Services (SAILS) was aimed at supporting Maldives in promoting competition in the broadband market with the grant.

Moreover, the ministry added that this includes improving digital identification and security; and leveraging digital technology to adapt to the increasing impacts of climate change.

The agreements for the grant were signed during a special ceremony, where the Finance Minister Ibrahim Ameer and the World Bank’s Country Director for Maldives, Nepal, and Sri Lanka Faris H. Hadad Zervos signed.

Speaking at this ceremony, Minister Ameer said that over a period of 40 years, Maldives and the World Bank has established a strong partnership in connection with managing sectors such as fishing, renewable energy, education and finances.

The SAILS project will be carried out jointly by the Ministry of Economic Affairs and the Pension Office of Maldives. Meanwhile the ‘Digital Maldives for Adaptation, Digitalization and Diversification Project’ will be carried out by the Ministry of Environment, Climate Change and technology, and will be supported by the Communications Authority, Information Technology Department, and Department of National Registration.