Maldives Secures $15 Million AIIB Loan for Green Taxation and Climate Projects

The Asian Infrastructure Investment Bank (AIIB) approved a $15 million loan to the Maldives on 28 August 2024, requested in November 2023. The loan aims to strengthen green taxation, including extending the green tax to integrated resorts, reduce plastic bag use following the Waste Management Bill, and fund climate adaptation projects like renewable energy and beach protection. This comes amid economic challenges, with Fitch downgrading Maldives' credit rating to CC and reserves at $61 million as of August, though the government denied exhaustion claims.

The Asian Infrastructure Investment Bank (AIIB) approved a $15 million loan to the Maldives on 28 August 2024, requested in November 2023. The loan aims to strengthen green taxation, including extending the green tax to integrated resorts, reduce plastic bag use following the Waste Management Bill, and fund climate adaptation projects like renewable energy and beach protection. This comes amid economic challenges, with Fitch downgrading Maldives' credit rating to CC and reserves at $61 million as of August, though the government denied exhaustion claims.

The Asian Infrastructure Investment Bank (AIIB) approved a $15 million loan to the Maldives on 28 August 2024, requested in November 2023. The loan aims to strengthen green taxation, including extending the green tax to integrated resorts, reduce plastic bag use following the Waste Management Bill, and fund climate adaptation projects like renewable energy and beach protection. This comes amid economic challenges, with Fitch downgrading Maldives' credit rating to CC and reserves at $61 million as of August, though the government denied exhaustion claims.

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