The Asian Infrastructure Investment Bank approved a $15 million loan to the Maldives on 28 August 2024 to strengthen green taxation, cut plastic bag use and fund climate adaptation projects. The support comes as the country faces a Fitch downgrade to CC and usable reserves of $61 million at the end of August.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
This initiative follows the implementation of the Waste Management Bill, passed by Parliament on 22 November 2022, which introduced a MVR 2 fee on single-use plastic bags, effective from 18 April 2024.
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which introduced a MVR 2 fee on single-use plastic bags, effective from 18 April 2024.
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The loan, requested by the Maldivian government in November 2023, was granted on 28 August 2024.
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The Asian Infrastructure Investment Bank (AIIB) has approved a $15 million loan to the Maldives to strengthen green taxation and support climate adaptation efforts, according to the AIIB’s website.
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At present, a green tax of $6 per night is levied on guests staying at resorts, hotels, and safaris, while guesthouses are charged $3 per night.
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At present, a green tax of $6 per night is levied on guests staying at resorts, hotels, and safaris, while guesthouses are charged $3 per night.
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which introduced a MVR 2 fee on single-use plastic bags, effective from 18 April 2024.
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According to data released by the Maldives Monetary Authority (MMA) on Sunday, the country’s usable reserves stood at $61 million at the end of August.
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International rating agency Fitch Ratings downgraded the country’s credit rating to CC in August, marking the second downgrade in three months, due to concerns about the country’s fiscal outlook and rising debt levels.
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