India has reiterated its commitment to the Maldives’ security by signing a USD 50 million defence Line of Credit agreement with it to boost the maritime capabilities of the strategic island nation.
The USD 50 million credit line agreement for defence projects was signed between the Finance Ministry of Maldives and the Export-Import Bank of India.
The signing of the agreement took place after External Affairs Minister S Jaishankar held talks with Maldivian Defence Minister Mariya Didi, Minister of Finance Ibrahim Ameer, Minister of Economic Development Fayyaz Ismail and Minister of National Planning, Housing and Infrastructure Mohamed Aslam.
A Letter of Intent between Fahi Dhiriulhun Corporation and EXIM Bank was also signed during this visit towards extending a credit facility under EXIM Bank’s Buyer’s Credit scheme to support the design and construction of 2000 social housing units in Hulhumale, a joint statement on the visit said.
During his meeting with Didi, Jaishnakar said India would always be a reliable security partner for the Maldives.
An agreement to develop, support and maintain a Maldives National Defence Force Coast Guard Harbour at Sifavaru (Uthuru Thilafalhu) was also signed.
The Memorandum of Understanding for the establishment of a Geydhoshu Mas Plant in Noonu Atoll Kendhikulhudhoo was signed during this visit.
