India and the Maldives today exchanged several agreements after delegation-level talks between Prime Minister Narendra Modi and Maldives President Dr Mohamed Muizzu at Male. In his press statement following the talks, Prime Minister Modi extended his congratulations to the President and the people of Maldives on the historic 60th anniversary of independence.
India has extended 4,850 Crore rupees Line of Credit to Maldives. This financial assistance is expected to fund key infrastructure and developmental projects across the country. An amendatory agreement was signed to reduce the Maldives’ annual debt repayment obligations on previous Indian-funded Line of credit. Both countries today signed 4 MoUs and 3 agreements. They are in the field of Fisheries & Aquaculture, Digital Solution and recognition of Indian Pharmacopoeia.
Network-to-Network Agreement between NPCI International Payment Limited and Maldives Monetary Authority for launching UPI in Maldives is also signed between two countries. Terms of Reference of the India-Maldives Free Trade Agreement (FTA) was also agreed between two nations.
Mr. Modi also handed over 3 thousand 300 social housing units in Hulhumale built under India’s Buyers’ Credit facilities. The Prime Minister also inaugurated Roads and Drainage system project in Addu city and 6 High Impact Community Development Projects in Maldives. Mr. Modi will also inaugurate Ministry of Defence Building of Government of Maldives. He will also hand over 2 BHISHM cubes.
