Maldives, India sign pacts on $565M credit line, debt relief
Prime Minister Modi arrived in the Maldives earlier in the day at the invitation of President Muizzu.
The Maldives and India signed eight bilateral agreements on Friday, including a credit line facility, debt relief measures, and collaboration on digital payments and environmental issues.
The agreements were exchanged following an official bilateral meeting held at the Presidential Palace in Malé, during Indian Prime Minister Narendra Modi’s visit to the Maldives.
The documents were exchanged in the presence of President Dr Mohamed Muizzu and Prime Minister Modi. The agreements were signed by Indian External Affairs Minister S Jaishankar on behalf of India and relevant Maldivian ministers.
The eight agreements include:
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1-
An agreement to commence formal negotiations on a Free Trade Agreement (FTA) between the Maldives and India.
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2-
A MVR 8.7 billion ($565 million) line of credit agreement from the Export-Import Bank of India.
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An agreement on easing annual repayment terms of existing lines of credit granted by India.
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An agreement on cooperation in fisheries and aquaculture.
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A memorandum of understanding on climate and environmental collaboration.
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An agreement for cooperation in digital transformation in the Maldives.
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An agreement between Indian Permacopia (IP) and Maldivian authorities to facilitate access to pharmaceutical supplies.
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An agreement between the Maldives Monetary Authority and the National Payments Corporation of India to launch India’s Unified Payments Interface (UPI) system in the Maldives.
Prime Minister Modi arrived in the Maldives earlier in the day at the invitation of President Muizzu. He was received at Velana International Airport with a welcoming ceremony.
Modi inaugurated the newly completed Ministry of Defence building in Malé, constructed with grant aid from the Government of India. He also attended the official event commemorating the 60th anniversary of Maldives’ independence and diplomatic relations with India at Republic Square on Friday evening, where served as the chief guest.
