President of the Asian Development Bank (ADB) Haruhiko Kuroda has paid a courtesy call on President Mohamed Nasheed today.

During the meeting held at the President’s Office, the President and the head of ADB exchanged views on the government’s economic policies and on-going development projects in the Maldives, especially with ADB assistance.

President Nasheed commended the longstanding partnership between the Maldives and ADB, noting that ADB has been one of the most important development partners of the Maldives.

The Maldives has received lending of $152.81 million for 21 loans and $22.53 million for 57 technical assistance activities from the ADB since joining the ADB in 1978.

The President said the government was keen to work with the ADB and the Maldives requires ADB’s assistance to implement the economic reforms proposed by the government.

In this regard, the President informed the ADB President on monetary and fiscal policy reforms initiated by the government, including changes to taxation and exchange rate.

Noting the ADB’s continued engagement with the Maldives, the President sought avenues to broaden ADB’s assistance to climate adaptation and renewable energy projects.

Stating that ADB’s financial assistance to the country’s energy sector in the past, President Nasheed and ADB President Kuroda exchanged views on funding renewable energy projects in the Maldives.

President Nasheed also discussed with the ADB President ways of a acquiring ADB funding for investments in aquaculture and fish farming projects initiated by the government in an effort to diversify the Maldivian economy.

President of the ADB Haruhiko Kuroda welcomed the economic reforms proposed by the government.

Further, he underlined the importance of diversifying the Maldivian economy and shaping the long term economy and development policies to increase productivity and build a stable economy.

ADB President Kuroda also noted the need for more funding and investments in renewable energy projects in the Maldives.

The President today hosted a luncheon in honour of President of the ADB Haruhiko Kuroda at the Official Residence of the President, Mulee-aage.