ibnlive » India

India puts on hold Rs 250 crore loan to Maldives over GMR row: sources

CNN-IBN
Dec 07, 2012 at 12:46pm IST

New Delhi: India has put on hold a Rs 250 crore loan to Maldives, according to sources say. Sources say the loan for bilateral aid has been put on hold due to GMR's eviction. The Maldives government is set to take over the Male airport at midnight on Friday.

This comes after the Singapore Court of Appeal ruled that the Maldives government had the authority to take back Male airport from the company. Maldives President Mohammed Waheed Hassan's Press Secretary Masood Imad said that the government would go ahead with the transfer as scheduled.

The Maldives government had cancelled GMR's $ 500 million airport project, claiming that the project was financially unviable. The termination of the $500 million GMR airport project is seen as a major setback in the bilateral relations of India and Maldives.

India puts on hold Rs 250 cr loan to Maldives: sources

The Maldives government is set to take over the Male airport at midnight on Friday.

Latest

More from this section