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Tuesday, August 16, 2022

India extends $100mn credit line to Maldives

Date:

 Prime Minister Narendra Modi on Tuesday announced that India has decided to provide an additional line of credit of $100 million to Maldives so that all projects can be completed in a time-bound manner.

Following bilateral talks with the President of Maldives Ibrahim Mohamed Solih in Hyderabad House here, the two leaders exchanged MoUs and held a joint press statement.

“We have decided to provide an additional line of credit of $100 million so that all projects can be completed in a time-bound manner,” the Prime Minister said.

The Prime Minister said that in the last few years, there has been a renewed vigor in the relations between India and Maldives and the closeness between the two countries has increased.

The two countries signed six pacts to facilitate cooperation in capacity building, cyber security, housing, disaster management, and infrastructure.

“In spite of the challenges posed by the pandemic, our cooperation continues to become a comprehensive partnership. Close contact and coordination between India and Maldives in the field of defence and security is vital for the peace and stability of the entire region,” the Prime Minister added.

“We have also reviewed the projects for the construction of 4,000 social housing units in Greater Male today. I am happy to announce that we will also provide financial support for 2,000 social housing units in addition,” Modi added.

He said that the threat of trans-national crime, terrorism and drug trafficking in the Indian Ocean is serious.

The Prime Minister assured that India has been the first responder in any need or crisis of Maldives and will continue to do so in future.

Solih said that Maldives-India relationship goes beyond diplomacy.

Our values, histories and cultures are intertwined making it a traditional relationship, he said.

“Our centuries old relationship has grown with political trust, economic cooperation and coherent strategic policies between the two countries,” added Solih.

He said that Maldives sees this visit as an affirmation of the close bond that has grown between the two countries.

Our relationship has been nurtured by regular contact, he added.

Solih also reiterated his country’s firm commitment to deal with the threat of terrorism.

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