National Oil Reserve
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BusinessADB approves USD 50 million loan for Maldives' oil imports
The ADB approved a $50 million emergency loan to help the Maldives import diesel for essential services like electricity and water. This funding addresses rising fuel costs and foreign exchange shortages caused by regional conflict. It follows a similar $40 million loan from the World Bank to ensure the country's energy security.
NewsGovernment surveys lagoons near Male' to establish fuel storage
The government is surveying two lagoons near Male' to establish the first phase of a "National Oil Reserve." This $450 million project aims to build a one-year strategic fuel supply across three regions to protect the nation from global market volatility.