Prime Minister Narendra Modi’s recent state visit to Maldives proved to be historic in terms of bilateral relations. During this visit, many important agreements and announcements were made between India and Maldives, which are decisive steps towards strengthening the relations between the two countries.
Extension of Line of Credit (LOC) of ₹ 4,850 crore
India has announced a new line of credit of ₹ 4,850 crore ($ 565 million) to Maldives. This amount will be used for the development of infrastructure in Maldives and projects related to priorities of people. This will strengthen India’s Neberhood First Policy and the increasing economic cooperation with Maldives.
Relief in loan repayment
It has also been decided to reduce the annual loan repayment of Maldives on LocS (Line of Credit) given by the Government of India. This decision has been taken in view of the economic status of Maldives, which will give him an opportunity to pay better attention to his internal development plans.
Dialogue begins on India-Maldives Free Trade Agreement
Both countries have announced to start negotiations regarding India-Maldives Free Trade Agreement (IMFTA). This agreement will promote trade and investment and will give new pace to trade relations between the two countries.
Postage stamps issued: memory of 60 years diplomatic relations
A memorial postage stamp was issued showing the traditional boats of the two countries on the occasion of the 60th anniversary of diplomatic relations between India and Maldives. This is a symbolic but important step towards honoring cultural and historical relations.
Transfer of 3,300 social housing units
In Hulhumale, 3,300 social housing units set up under India’s “Buyers Credit” facility were formally assigned to Maldives. These houses will become a symbol of a new beginning and safe home for many families there.
Inauguration of road and drainage project in Aaddu city
In the presence of Prime Minister Modi and the President of Maldives, the project related to road and drainage system was inaugurated in the Addu City. The project will empower local infrastructure and provide better facilities to citizens.
6 high impact community development projects begin
6 High Impact Community Development Projects (HICDPS) supported by India were inaugurated. These projects are related to education, health, sanitation and local development and will directly benefit the general public of Maldives.
72 vehicles and equipment gifts
India handed over 72 vehicles and other necessary equipment to Maldives, including means such as ambulances, police vehicles and fire service vehicles. This cooperation will further strengthen the internal services of the Maldives.