With lenders tightening their purse strings and the number of projects in decline, Chinese revenue earned from engineering and construction works in Africa has fallen by more than 30 per cent since 2015. Now observers say this is the “new normal”. It was a different picture almost a decade ago when Chinese companies earned more than a third of their total overseas revenue from Africa. That is certainly not the case today. According to data from the China Africa Research Initiative (CARI) at Johns Hopkins University’s School of Advanced International Studies, engineering and construction contracts in Africa earned Chinese companies US$37.84 billion in gross annual revenues in 2022, which was a 31 per cent drop from US$54.78 billion generated in 2015, the year lending to Africa was at its highest. Africa made up 19.4 per cent of global revenue for Chinese companies in 2022, CARI said, almost halved from its 2010 peak of 38.9 per cent. Excluding small businesses, it is estimated there are more than 10,000 state-owned and private Chinese companies currently operating in Africa. Most of these moved to the continent during former Chinese president Jiang Zemin’s push for businesses to “go out” in search of new markets and raw materials at the beginning of the century. Between 2000 and 2022, China pledged a total of US$170.1 billion to African countries – money that went into building mega projects, including ports, hydroelectric dams, highways and railways. But since the highs of the start of the century, and the peaks of the 2010s, lending concerns, exacerbated by the coronavirus pandemic, have sparked a turnaround, observers said. Worries over the ability of some countries to repay their loans led to a drop in Chinese lending to Africa, as financiers became more cautious and thorough in their loan appraisals. Between 2012 and 2018, Africa borrowed more than US$10 billion annually from Chinese lenders. By 2021 that had dropped to US$1.2 billion, and in 2022 it fell under the billion-dollar mark to US$994.5 million, according to the Chinese Loans to Africa database at Boston University’s Global Development Policy Centre. Hong Zhang, a China public policy postdoctoral fellow at Harvard University’s Ash Centre for Democratic Governance and Innovation, said it was a simple case of falling loans having a direct impact on falling revenue. “The drop in contract revenue in Africa can be attributed to the decline of Chinese loans to Africa,” Zhang said. Citing CARI data, she said Chinese loans to Africa had been declining since around 2013, except in 2016 when the debt restructuring in Angola made a one-off jump. Meanwhile, Asia’s share has been on the rise, she said. Asia remains by far the biggest source of revenue for Chinese companies engaged in engineering and construction contracts, bringing in US$82.43 billion in 2022, with Africa in second place. However, although revenue from Africa is in decline, some parts of the continent are bigger earners than others. China’s highest African revenues were gained from the five resource-rich countries of Nigeria, Angola, Algeria, Egypt and the Democratic Republic of the Congo. Together, they accounted for 41 per cent of all Chinese companies’ 2022 gross annual revenues from construction projects in Africa. In Nigeria, Africa’s biggest economy and most populous country, Chinese businesses are undertaking mega projects, such as multibillion-dollar railways and ports. China’s annual revenues from Nigeria rose steadily from US$488 million in 2004 to a peak of US$4.99 billion in 2012, boosted by the West African nation’s booming construction industry. Since then, that figure has remained high, sitting at around US$4.59 billion in 2022. Angola got more than a quarter of China’s total African lending between 2000 and 2022, receiving as much as US$45 billion. A major Chinese project there is the US$4.1 billion Caculo Cabaca Hydroelectric Power Station. Oil-rich Algeria has seen Chinese companies build massive projects, such as railways and highways. And in Egypt, Chinese firms are building mega projects at the Suez Canal as well as helping to construct the new administrative capital in Cairo. Meanwhile in the Democratic Republic of the Congo, many Chinese companies have been working on the nation’s infrastructure and mining sectors, attracted by the fact it holds the world’s largest reserve of cobalt, vital to the production of electric vehicle batteries. Yunnan Chen, a senior research officer at the London-based Overseas Development Institute think tank, said contracts and revenues were down for engineering and construction projects in Africa because the number of projects had fallen. Even before the pandemic, financing for infrastructure construction via overseas finance was in decline, she said, and that was impacted further by the Covid lockdowns. “We simply don’t have the same kind of project pipeline as we did in previous years,” Chen said. She also noted that several African countries, including Angola and Egypt, had been facing external debt repayment issues. “Governments don’t have the capacity to borrow to finance new construction as they did five years ago,” she said. The current situation is the “new normal” for Chinese contractors in Africa, according to Tim Zajontz, a research fellow in the Centre for International and Comparative Politics at Stellenbosch University in South Africa. “Lower contract revenues are ultimately the result of more conservative lending practices on the part of China’s policy banks,” said Zajontz. “Debt sustainability concerns have ended the loan funding spree in African infrastructure markets, which we witnessed for good parts of the 2010s,” he said. But, despite the reduced revenue, Africa still holds an attraction for Chinese firms. Higher returns is one such pull for Chinese companies, according to Zhang. She explained that since there is usually no competitive bidding for Chinese-financed projects, as “Chinese contractors help broker the loans from China”, companies can see better returns. “Therefore, when Chinese loans took up a higher percentage of Chinese contracts in Africa than in other regions, the average return could be higher as a result,” Zhang said. Zajontz noted that Africa is particularly attractive to firms in sectors that have faced crises in China’s domestic market, such as construction and infrastructure. “We will see further diversification of Chinese investments across Africa,” he said. “A bigger share of returns for Chinese firms will come from public-private partnerships in infrastructure, from investments in the processing of minerals and agricultural goods, and from digital platforms and other services.”   Source: South China Morning Post

The Chinese government in Tibet is linking the various biometric surveillance systems and databases. It’s the next logical step after deploying so many of the systems to maintain control of the region. It’s unlikely that remote and sparsely populated Tibet is monitored in the same blanket fashion as China’s Xinjiang region, but according to a new report what information has been collected is being tied into numerous biometric and other databases controlled by the autocratic government in Beijing. The report was created by two public policy organizations that advocate for Tibet’s restored independence – Turquoise Roof and Tibet Watch. They say the Chinese government has, since 2021, required Tibetans to install the National Anti-Fraud Centre app, which government officials say has attack-prevention and -reporting functions. Police reportedly have set up roadblocks and force travelers to download and enroll the app right there using facial recognition. According to the report, the government has made downloading the software a legal requirement. Officials allege that they are only trying to reduce internet fraud in a region with a 2022 gross domestic product of US$29.7 billion. The authors report interviewing Tibetan sources and nationals arriving in India as refugees. They also had access to “big data generated from official government sources, mobile digital forensics in the context of contemporary Tibet, and in-depth analysis of surveillance System Description Documents.” In other sections of the report, the authors refer to and quote an unnamed a “Tibetan refugee” from the Golog areas. It’s unclear how many refugees were interviewed. They say they conducted a “dynamic analysis” of the anti-fraud app on Windows and Android devices and found that data collected by the software “could extend beyond internet fraud detection.” The app is capable of linking to “broader control mechanisms.” More broadly in Tibet, according to the report, Beijing has integrated “AI-driven systems fusing facial recognition with internet browsing and app-based monitoring” to DNA and GIS tracking data. For example, there is the “’Tibet Underworld Criminal Integrated Intelligence Application Platform’, a sophisticated big data policing platform.” Researchers reportedly analyzed procurement notices to find that it “amalgamates data from various existing Public Security Bureau systems in the Tibetan Autonomous Region (TAR) into a central Oracle database.” The authors say there are reports that people accessing offshore financial companies with their phones are picked up for an investigation.   Source: Biometric Update

Prime Minister Sheikh Hasina on Wednesday (Jan 24) asked the Planning Commission to identify which of the running projects can be completed quickly with little cost to reap maximum economic benefits from them.   “We have to prioritize the development programs that can be finished with little money. Because I think that the quicker we can finish these projects the quicker there will be returns and the country will get the benefits,” she said. The prime minister said this in her introductory speech at the first meeting of the commission after forming the new government at the NEC auditorium of the Planning Commission in Sher-E-Bangla Nagar. She is also the chairperson of the commission.   She asked the officials concerned to avoid delays in the implementation of projects and their extension. Sheikh Hasina asked them to deeply look into the costs of the projects and the expected returns. “While taking up new projects, please look deeply into their expenditure, how much loan is involved, how much we have to repay with interest, how much time we would get for repaying the loans,” she said. She also asked them to examine whether the country can take out that much loan. “This is urgently needed before taking up any project,” she said. Besides, she said, the government has to consider the returns and effectiveness of a particular project for a particular area. “How much the general public will benefit and how much it would inject into the economy. We have to look into that,” she added. The prime minister mentioned that Bangladesh is bracing for the biggest challenge in 2026 when it will complete its graduation to a developing country.   “We have to be specific about what kind of facilities we will get as a developing country. From those, we have to pick up the best facilities for us. And we have to start our work according to that,” she said. She mentioned that many facilities as an LDC country might not be available after graduation, although they will be available till 2029 and the government has already requested to extend those up to 2032.   “We have to consider all these elements while counting our challenges and find out the ways to face those,” she said. She requested all to work hard so that the positive results of the independence and spirit of the liberation reach everyone in the country and the people enjoy developed and prosperous lives. She also vowed to turn the country into a smart one by 2041.

Prime Minister Sheikh Hasina today (15 Jan) asked the local administration here to take development projects considering their benefits for the country and the people. "Bear some things in mind whenever you go to take any development schemes and that is the return of the projects after its implementation and how much the country and its people will be benefitted," she said. The premier advised not to take any development project to expense the public money only rather to consider how much the people of the locality will be benefitted. She gave the instructions while addressing the local administration at Tungipara in Gopalganj district. Sheikh Hasina asked the local administration to work with confidence, belief and self dignity while performing any professional duty without hesitating about what the people will say.   "Many people had said that it would not work or that would not be effective, but we have done it," she said. Many countries did not even think Bangladesh had progressed so much in the last 15 years, she added. The Prime Minister said, "We don't bother what the people are saying. We will do whatever required to be done for the welfare of the country and its people."  

Prime Minister Sheikh Hasina on Thusday (14 November) inaugurated and laid foundation stone of 10,041 structures and houses under 157 development projects including Sheikh Hasina Swarani (Purbachal Expressway) and first elevated expressway in Chattogram at a cost of around one lac crore. She opened and laid foundation stones of the development schemes from her official Ganabhaban residence here through a video conferencing. Of the projects, 4644 were various development infrastructures and 5397 houses for the landless and homeless people under the Ashrayan-2 project across the country involving Taka 97, 471 crores under 24 ministries and divisions. Among the schemes, 15 projects including the Purbachal Expressway, which was recently renamed as Sheikh Hasina Swarani, were completed under the housing and public works ministry while different agencies of the shipping ministries are implementing 15 projects. The four projects are under the primary and mass education ministry. Under one of the four projects, the authorities have constructed buildings for 2023 government primary schools across the country. The premier also opened at least 1,259 buildings of different educational institutions under the education ministry across the country among the development projects. The four day-care centres implemented under a project of the women and children affairs ministry and two technical training centres in Manikganj and Narayanganj built under a project of expatriates' welfare and overseas employment ministry were inaugurated. Information and Broadcasting Minister Dr Hasan Mahmud, Local Government, Rural Development (LGRD) and Cooperatives Minister Md. Tazul Islam, Health and Family Welfare Minister Zahid Maleque and Food Minister Sadhan Chandra Majumder were present on the dais. Prime Minister’s Principal Secretary M Tofazzel Hossain Miah conducted the event. A total of 101 centres across the country were connected virtually to the programme. A video documentary on the overall development of Bangladesh under the current Awami League government was screened at the function. In Dhaka, the long-awaited 12.5 km Purbachal expressway named after Prime Minister Sheikh Hasina (from Kuril flyover point in Dhaka to Kanchan Bridge in Narayanganj) was constructed at a cost of Taka 14,000 crore. The expressway have no stopover points, traffic signals, or any other obstacles, so vehicles can ply the entire length between as little as six or seven minutes. It is expected to ease road communication between the capital, Chattogram, and Sylhet The premier also opened 100 feet wide and 26km long canals in both sides of the Sheikh Hasina Swarani from Kuril to Balu River. Constructions of 6.20km long eight lane expressway, four lanes service road, six lanes expressway from Balu river to Kanchan in Narayanganj and four lanes service road were completed. Under the project, 184.79 acres of land was acquired. Construction of five intersections over Sheikh Hasina Swarani, 12 bridges, six underpasses, 13 other bridges on the canals, 36.8 km walkways, 12.5km boundary wall, two sluice gates and 11 sub stations have been completed alongside installation of 1170 street lights under the project. Information and Broadcasting Minister Dr Hasan Mahmud had built 51 houses for the landless and homeless people in his locality with his own initiative. In Chattogram, three development projects of the Chattogram Development Authority (CDA) and one of the Chattogram Port Authority (CPA) involving Taka 6000 crore were opened. The CDA projects are -16 km-long Chattogram elevated expressway, Foujderhat-Bayezid Link Road, Bakalia Express Road. The CDA projects were named after former city mayor ABM Mohiuddin Chowdhury, Jane Alam Donash and Bangamata Fazilatunnesa Mujib. The elevated expressway in Chattogram was constructed at a cost of Tk 4,298.95 crore. The CPA constructed the Patenga Container Terminal at a cost of Taka 1230 crore with its own finance.   Source : BSS

Prime Minister Sheikh Hasina on Monday inaugurated and laid foundation stones of 29 development projects with total cost of 2593 crore here. She opened the completed 24 development projects and laid foundation stones of five other schemes at a grand rally at Khulna Circuit House ground. The inaugurated projects implemented by Public Works Department included- Genocide and Torture Archive and Museum Building, Civil Surgeon Office Building and Residence, Technical Training Center in Paikgacha upazila, Renovation and Modernisation of Khulna Apprentice Training Office, 10-stroey building of Khulna and Chattogram BSTI Regional Offices, 10-storey women's hostel building, Paikgacha upazila sub-registry office building construction (Civil, Sanitary and Electrical) works, and a 4-storey boys hostel construction of Agricultural Training Institute at Daulatpur. The projects implemented by Education Engineering Department (EED) included 5-storey Dumuria Technical School and College academic cum 4-storey administrative and workshop building, 6-storey academic building of Boyra Secondary School, 6-storey academic building of Khulna Collegiate School, 6-storey academic building of Government LBK Degree Women's College, 6-storey academic building of Government Bangabandhu College, 6-storey Academic Building of Chalna Bazar Government Girls High School, 6-storey Talimul Millat Rahmatia Fazil Madrasa Academy Building, 6-storey academic building of Nazrul Nagar Secondary Girls' School, 6-storey academic building of RRF Secondary School, 4-storey academic building of Agar Ghata Secondary School, 5-story Paikgtaca Technical School & College Academic cum workshop building. Apart from these, construction of drain, footpath, road widening of Khalishpur BIDC road was implemented by Khulna City Corporation (KCC), while Bridge over Bhodra river (315.30 meter) at Basundiadanga Bazar-Mugur Khali UP Office Road under Dumuria Upazila implemented by Local Government Engineering Department (LGED), Khulna Dredger Base Building by BIWTA, Shekhertek eco-tourism center by Sundarbans West Forest Division and 6-storey newly constructed Khulna Regional Office by Department of Agricultural Extension (DAE). Besides, the projects which foundation stone were laid today are- Sanitary landfill in Mathabhanga area under the waste management development project of KCC, 5-storey academic and 4-storey administrative and workshop buildings of Dighlia Technical School and College of EED, Aklima Khatun Textile Vocational Institute project in Paikgacha of Architecture and Public works, Basantopur River port at Kaliganj Upazila in Satkhira of BIWTA and Kurulia River Bridge (748.90 metre) of LGED.   Source : BSS

The primary goal of the visit of the Foreign Secretary of Bhutan, Aum Pema Choden to India was to evaluate mutual collaboration between India and Bhutan and expand it to new areas. Foreign Secretary of Bhutan accepted an invitation from Foreign Secretary of India Vinay Kwatra to undertake an official visit to India and arrived in the national capital on a 2-day visit from July 28-29, Bhutan Live reported. Bhutan and India have excellent bilateral ties that are based on mutual respect, understanding, and trust at all societal levels. This friendly relationship is demonstrated by strong friendships and tight relationships at the local level. The Foreign Secretary's recent visit served as a reminder of the long-standing custom of high-level exchanges, which provide a forum for talking about and resolving issues of common concern and therefore promote ongoing collaboration. According to Bhutan Live, the advancements in bilateral cooperation in a number of areas, such as energy, development partnerships, cross-border connectivity, trade and economic ties, digital development, science and technology, skill development, and people-to-people ties, were acknowledged with gratitude by both foreign secretaries of India and Bhutan during the recent meeting. Kwatra and Choden inaugurated numerous projects that were implemented with assistance from India. These projects form part of the Flagship Digital Drukyul Project and include the Citizen Service portals, National Single Window portal, and Government Initiated Network Project. The External Affairs Minister of India, S Jaishankar, also met with the Bhutan Foreign Secretary on July 29, and later stated that India supports Bhutan's development objectives. Prior to this, on January 18–20 this year Indian Foreign Secretary Vinay Kwatra paid a goodwill visit to Bhutan. Kwatra and his Bhutanese counterpart had bilateral discussions during which significant and shared issues were discussed, Bhutan Live reported. The founding of India's special office in Thimphu in 1968 signified the beginning of diplomatic ties between India and Bhutan. Throughout the years, we have supported one another on regional and global platforms and steadily improved our connection in the strategic, cultural, and economic spheres. 

In a promising projection, S&P Global, the renowned US-based credit ratings agency, foresees India’s economy expanding at an impressive annual growth rate of 6.7% from fiscal year 2024 to 2031. This upward trajectory is expected to propel the country’s Gross Domestic Product (GDP) from $3.4 trillion in fiscal year 2023 to a staggering $6.7 trillion. Alongside this growth, per capita GDP is estimated to rise to approximately $4,500. The report, titled ‘Look Forward: India’s Money,’ emphasizes that capital accumulation will play a pivotal role in driving India’s growth. The government’s substantial support for infrastructure projects and incentivizing manufacturing has contributed to investment as a proportion of GDP reaching a ten-year high of 34% in fiscal year 2023. The private sector is also expected to boost investments, thanks to healthy corporate balance sheets. According to the joint findings authored by S&P Global’s experts, including Global Chief Economist Paul Gruenwald, Crisil Chief Economist Dharmakirti Joshi, and S&P Global Market Intelligence Chief Economist Asia Pacific Rajiv Biswas, capital is projected to be the dominant contributor, accounting for 53% of India’s average GDP growth of 6.7% throughout the next decade. Labor’s contribution is expected to be 17%, while increases in productivity are predicted to drive 30% of the country’s GDP growth. While the report paints an optimistic outlook for India, it also acknowledges potential challenges. A global economic slowdown and the delayed impact of a policy rate hike by the Reserve Bank of India (RBI) could temporarily dampen growth to 6% in the current fiscal year. Addressing macro challenges, the report suggests that the key to sustained growth lies in transforming traditionally uneven economic expansion into a robust and stable trend. India is poised to benefit from crucial reforms, such as the Goods and Services Tax (GST) and the implementation of the Insolvency and Bankruptcy Code, which are expected to foster a healthy credit culture. Despite a shift towards manufacturing, the services sector will continue to play a vital role in the economy. Looking ahead, the report highlights the importance of focusing on structural reforms in three key areas: increasing labor participation, particularly among women, enhancing skills, fostering private investment in manufacturing, and bolstering external competitiveness through foreign direct investment (FDI). Dharmakirti Joshi, Chief Economist at Crisil, predicts that growth may peak around fiscal year 2025-26, indicating that the coming years hold significant potential for India’s economic rise. With a favorable outlook and the right reforms in place, India is poised to secure its position as a formidable global economic player, setting its sights on a remarkable $6.7 trillion economy by 2031. Source: khalsavox.com

Four high-impact community development projects (HICDPs) constructed with financial assistance from the Government of India have been handed over to the local government concerned in Dailekh district on July 3. The project includes the building of three school buildings of Shree Malika Higher Secondary School, Lalikanda; Shree Bhairav Secondary School, Badabhairav; Shree Jagadish Secondary School, Badakhola and one Campus building of Shree Narayan Campus, Rampur, in Dailekh with financial assistance of NRs 108.60 million from the Indian government, the Indian embassy in Nepal said in an official release on Monday. The project comes under 'Nepal-India Development Cooperation' and was formally handed over by Prashant Kumar, Sona, SS (DP), Embassy of India and Namraj Shahi, Chief, District Coordination Committee (DCC), Dailekh. Under an agreement between India and Nepal, these projects were taken up as High Impact Community Development Projects (HICDPs) which will help the students in the area by providing them with quality educational infrastructure and will create a suitable environment for good quality education in Dailekh District, as per the official release. Moreover, all these school and campus building projects were implemented through DCC Dailekh. The ceremony was attended by Mr Top Bahadur BC Chairman of Gurans Rural Municipality, Mr Ganesh Bahadur Thapa Chairman of Bhagawatimai Rural Municipality, Ms Manju Kumari Sharma (Pandey), Acting Chairman of Mahabu Rural Municipality and Mr Loman Sharma, Mayor, Narayan Municipality. However, social workers, political representatives, officials of the Nepal Government and local community leaders were also present on the occasion. "India has taken up over 544 HICDPs in Nepal and has completed 480 projects since 2003. Amongst these, 14 projects are in Karnali Pradesh of which 4 projects are in Dailekh," according to the release. In addition, on the occasion of Independence Day and Republic Day, India has gifted 940 ambulances and 184 school buses to various hospitals, health posts and educational institutions in Nepal. Amongst these, till date, six ambulances have been provided to the Dailekh district, the release added. Furthermore, these projects reflect India's development partnership with Nepal and complement the effort of the Government of Nepal in elevating infrastructure in the field of education. 

India and the Maldives on Tuesday signed a number of agreements to push the bilateral partnership to the next level in the field of infrastructure and connectivity. These agreements were signed during the visit of Maldives President Ibrahim Mohamed Solih. Solih also held a meeting with Prime Minister Narendra Modi. According to an MEA statement, both leaders participated in the virtual "pouring of the first concrete" ceremony of the USD 500 mn Greater Male Connectivity Project (GMCP) being built under the grant and concessional loan support from India. The GMCP is the largest infrastructure project ever undertaken in the Maldives and one of India's largest projects in the neighbourhood. GMCP is 6.74 km in length and will connect Male to Villingli, Gulhifahlu and Thilahfushi. The project will be a major catalyst for the Maldivian economy in the future through jobs and economic activity. In October 2020, a dedicated Line of Credit of USD 400 million was extended to the Maldives for undertaking the GMCP. The government of India (GoI) is also supporting the project through a special grant of USD 100 million. The project was awarded to AFCONS in August 2021. The two sides today reviewed the progress on the construction of 4,000 social housing units in Hulhumale being funded under Exim Bank of India Buyer's credit finance of USD 227 million. Earlier, India's NBCC and JMC concluded EPC contracts with Maldvies' FDC, in February and March 2021 respectively, to finalize construction and design-related aspects of the projects. The contract for the construction of 2,000 Housing units each was awarded to NBCC and JMC projects at a cost of USD 130 mn and USD 137 million respectively. A total of 2,800 units of 3 bedrooms and 3 toilets, and, 1200 units of 2 bedrooms and 2 toilets are being constructed under the two projects. The projects are expected to positively impact the economy and aid in the further de-congestion of Male city. Work commenced on both projects in January 2022. During today's meeting, the two sides also took an overview of India-Maldives development cooperation including Addu roads and reclamation, water and sanitation in 34 islands and Friday Mosque restoration projects. The 'Addu Development Project - Road Development and Reclamation' is one of the priority projects included under the USD 800 million Line of Credit extended to the Maldives. The project has been split into two packages for its implementation. It is being implemented under the USD 800 million LOC extended to Govt of Maldives. The 'Roads and Drainage' component of the project scope includes the construction of 40 km of paved roads, 67 km of unpaved roads, 104 km of drainage network and the construction of a 4-lane bypass connecting Hithadhoo island with Maradhoo island - which includes two bridges of 210m and 450m. Other agreements/MoUs exchanged include an MoU on Capacity Building & Training of Members of Local Councils and Women Development Committee of Maldives between NIRDPR, India and Local Government Authority, Maldives. An MoU was signed on Collaboration in potential fishing zone forecast capacity building and data sharing and marine scientific research between INCOIS, India and the Ministry of Fisheries, Maldives. Another MoU was signed for Cooperation in the area of Cyber Security between CERT-India and NCIT, the Maldives for cooperation for exchange of information on Cyber-attacks, prevalent cyber security mechanisms and mutual response to cyber incidents; Cyber security technology cooperation relevant to CERT activities, best practices and setting up of India-Maldives Expert Group. An MoU was also signed on cooperation in the field of disaster management between NDMA, India and NDMA, Maldives. This MoU envisages cooperation in the field of disaster management and risk reduction encompassing large-scale disaster incidents occurring within respective territories, emergency relief, response, humanitarian assistance; exchange of information. Cooperation also includes sharing experiences, satellite data and best practices, Tsunami Advisories, Storm Surge, High Wave Alert, Multi-Hazard vulnerability information along coastal zones and annual disaster management exercises that will be held in the different geographic settings of both nations. One agreement was signed between EXIM Bank, India and the Ministry of Finance, Maldives for USD 41 Mn Buyer's Credit Financing of Police Infrastructure in the Maldives. Exim Bank has extended a Buyer's Credit facility under the National Export Insurance Account of USD 40.95 Mn to GoM for the design and construction of a Police Station, accommodation, and a custody Facility in the Maldives. This will assist in providing adequate police facilities to ease and ensure the safety of Citizens and tourists, increase the presence of MPS on islands and curtail and help to reduce the crime rate in various atolls and islands in the Maldives. A Letter of Intent between Exim Bank of India and Ministry of Finance, Maldives on Buyer's Credit funding approval of USD 119 million for additional 2,000 social housing units to be constructed in Hulhumale. This agreement is towards India Exim Bank extending a credit facility to MoF under India Exim Bank's Buyer's Credit Under National Export Insurance Account program (BC-NEIA) for a credit amount of USD 119.28 mn (85 per cent of the contract value) for Design and Construction of 2000 Social Housing Units in Hulhumale, Maldives.