Bank of Ceylon (BoC) will open a branch in Addu, Maldives before the SAARC meeting said BoC Chairman Dr Gamini Wickremasinghe. He said that the bank has found a place to locate the branch and will start construction as soon as the Maldives Monetary Authority gives the nod. In addition to this the government is constructing a friendship road in Maldives for which the constructions are being handled by Sri Lankan companies.
The bank has given a revolving credit line of $ 10 m to Maldives at an interest rate of six percent to support the tourism industry. This is the first time the Sri Lanka gave a credit line to another country and it will be used by Maldives to purchase fruits and vegetables from Sri Lanka.