India decides on a USD 1.4B credit line to Maldives

The government of India has made the decision to provide Maldives with USD 1.4 billion in credit support.

The announcement was made by Indian Prime Minister Narendra Modi during the presentation of the joint-press statement with Maldivian President Ibrahim Mohamed Solih this Monday afternoon.

Modi reiterated the Indian government’s support and assistance to Maldives.

“India will provide Maldives with economic assistance of USD 1.4 billion in the form of budgetary support, currency swap and concessional lines of credit,” announced Modi.

Modi did not provide any details regarding the credit line as to the interest rate or the payment period.

Modi also pledges assistance to Maldives in human resource development, housing, infrastructure development, healthcare, education, tourism and culture.

“India has made the decision to provide 1000 additional slots over the next 5 years for training and capacity building,” said Modi.

The fields include judiciary, policing and law-enforcement, audit and financial management, local governance, community development, IT, e-governance, sports, media, youth and women empowerment, leadership, innovation and entrepreneurship, arts and culture.

He also welcomed the Agreement on Visa Facilitation signed this Monday afternoon and said the agreement will strengthen the ties between the two countries.

“I want to see bilateral and economies ties strengthen between the Maldives and India.  I will facilitate investment opportunities for Indian companies in Maldives,” said Modi.

He said the ties between Maldives and India was crucial to maintaining peace and security in the Indian Ocean Region.

“Security interests of both the countries are interlinked in the region,” said Modi.

He thanked Solih for accepting his invitation and choosing India to make his first State visit, which he said was a symbolic gesture of the close ties between the two countries.