Maldives-India exchange agreement for additional USD 100M line of credit

Maldives and India, on Sunday, have exchanged an agreement pertaining to an additional USD 100 million line of credit which will ease and facilitate the numerous ongoing key infrastructure projects in the Maldives.

The USD 100 million credit line is issued by India’s EXIM Bank.

The agreement was exchanged during a special ceremony held at the Foreign Ministry earlier today, as part of India’s Foreign Secretary Vinay Mohan’s ongoing official visit to the Maldives.

Maldivian government was represented by Finance Minister Ibrahim Ameer during the exchange of agreements, whilst EXIM Bank was represented by General Manager Nirmit Ved.

As per Foreign Ministry, the agreement is aimed to ease and facilitate the numerous ongoing key infrastructure projects in the Maldives. They also stressed the agreement to be a testament to the unwavering support and commitment of the Government of India to improving the socio-economic well-being and public welfare of Maldives.

The USD 100 million credit line was initially announced by India’s Prime Minister Narendra Modi during Maldivian President Ibrahim Mohamed Solih’s official visit to the country back in August.

The credit line has been exchanged during a period of time the Maldivian government has stated no further loans would be drawn this year, as the Maldives struggle.

A USD 800 million credit line has been provided through the EXIM Bank to the Maldives in 2019 – which is currently being used to fund many projects across the nation. Today’s USD 100 million credit line is an extension of the existing one.