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    Question

    Consider the following statements: 1.┬а┬а┬а

    Greater Male Connectivity Project (GMCP) is an infrastructure project in Maldives operationalized by India. 2.┬а┬а┬а The project is funded by India through Line of Credit (LOC) which can be accessed as needed. 3.┬а┬а┬а A line of credit is a non-flexible loan from a bank or financial institution. Which of the statements given above is/are correct?
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D Both 1 and 2 Correct Answer Incorrect Answer
    E Neither 1 nor 2 Correct Answer Incorrect Answer

    Solution

    Afcons, an Indian company, has signed a contract for the largest-ever infrastructure project in Maldives which is the Greater Male Connectivity Project (GMCP). The project is funded by a grant of USD 100 million and a Line of Credit (LOC) of USD 400 million from India. A line of credit is a flexible loan from a bank or financial institution. Similar to a credit card with a set credit limit, a line of credit is a defined amount of money that can be accessed as needed.

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