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The Maldives Power Distribution Phase II Project Successfully Underwritten by Sinosure

Release time:2020-06-16 Article source: Reading times: A+AA-

On June 15, CMEC Maldives Project Department also received good news with the end of the 60-odd-day epidemic lockdown in the Maldives. The power distribution system project (phase-II) of Hulhumalé contracted by CMEC was successfully underwritten by China Export & Credit Insurance Corporation (Sinosure), with significant progress advanced in the project.

As an important livelihood project of the Maldivian government, the power distribution system project will provide power support for the whole island to meet the power supply demand of over 100,000 people on the island in terms of housing, commerce and other supporting facilities. Also, it is also the only project that has been underwritten by Sinosure since the change of the government in November 2018.

The pre-execution phase of the project coincided with the change of government in the Maldives. The change in policy since the new government took office has brought more uncertainty to the project. It also made it more difficult to move the project forward. To ensure the progress of the project, the project team has held several rounds of consultations with the Ministries of Foreign Affairs, the Ministries of Finance, and the embassies of the two countries as well as the Maldivian owner. Such efforts were made for the smooth progress of the project through multiple channels. Even during the pandemic or the isolation period of working from home, the project department also discussed and implemented the underwriting requirements one by one through multiple online and offline forms. With the cooperation and efforts of all parties, all difficulties were overcome to make the project pass the underwriting smoothly.