Maldives signs $50m loan agreement with ADB to mitigate impact of rising fuel prices resulting from conflict involving Iran
17 އޯގަސްޓު 2026 | ހޯމަ 13:05The Maldivian government and the State Trading Organization (STO) have signed a loan agreement with the Asian Development Bank (ADB) to mitigate the challenges posed by rising global fuel prices. This financial assistance, provided during a critical period for the nation's economy, is expected to play a vital role in ensuring national energy security.
The loan agreement was signed by Minister Hassan Zareer and Dr. Thiam Hee Ng, Regional Head of the Regional Cooperation and Integration Unit at the Asian Development Bank’s (ADB) South Asia Department. | Finance Ministry
The Government of the Maldives and the Asian Development Bank (ADB) signed legal agreements on Sunday for a $50 million assistance package under the "Energy Security Emergency Assistance Project," aimed at ensuring the nation's energy security.
Minister Hassan Zareer signed the loan agreement for this project on behalf of the government, while Dr. Thiam Hee Ng, Regional Head of the South Asia Department’s Regional Cooperation and Integration Unit, signed on behalf of the Asian Development Bank (ADB). Additionally, the project agreement was signed between the ADB and STO’s Managing Director and CEO, Shimad Ibrahim.
This loan was granted by the ADB to address the challenges arising from rising global energy prices, driven by the ongoing conflict in the Middle East.
This loan assistance from the ADB comes at a time when the Maldives' macroeconomic situation is facing significant challenges.
