US pledges additional USD 8.5m grant to boost Maldives’ economy

The United States on Monday pledged an additional USD 8.5 million in funds to further the development of Maldives.

The US committed the additional funding through the Development Objective Grant Agreement (DOGA) between the Maldivian government and between the United States Agency for International Development (USAID).

According to a statement issued by the US embassy in Male’, the additional USD 8.5 million in developmental assistance will support the Maldives to improve the resilience of the country’s economic and democratic governance and to support inclusive and sustainable development.

The new funding commitment was announced in a ceremony at the Maldivian Foreign Ministry on Monday.

It was attended by Michael Schiffer, Assistant Administrator for USAID Asia Bureau, Maldives' Minister of State for Foreign Affairs Sheryna Abdul Samad, Maldives Foreign Secretary Fathimath Inaya, US Ambassador to Maldives Hugo Yon, and USAID Maldives Mission Director Gabriel Grau.

At the ceremony, Sheryna and Grau signed the 14th amendment to the DOGA - a landmark development cooperation agreement signed between the Maldives and the US to strengthen the technical capacity of the Maldives in managing public finances and bolster the resilience of the country's economic and democratic governance.

“The United States and the American people are proud of our enduring and robust partnership with Maldives,” said Assistant Administrator Schiffer. “US support will help Maldives address the impact of climate change, enhance economic development, and pursue good governance initiatives to ensure its position as a pillar of stability, democracy, and prosperity in South Asia.”

USAID has been working in Maldives since 2001. There have been gradual increases in the funding allocated over the years.

The additional USD 8.5 million assistance increases the total value of the agreement to USD 45.72 million.