Prime Minister Narendra Modi on Friday announced that India is extending a line of credit worth $565 million, around ₹5000 crore, to Maldives to fund its various infrastructure and development project. He made the announcement in the joint press briefing held with President Muizzu during his ongoing visit to the island nation.
He said that the funding will be used for infrastructure projects according to the priority of the local citizens. PM Modi added that both countries will soon start on working on finalising a bilateral investment treaty.
PM Modi said, that talks on Free Trade Agreement has already started, and now the next goal for settlement of bilateral in local currencies. He said that soon people of Maldives and India will be able to do transactions in Rupee and Rufiyaa.
Prime Minister Modi also said that cooperation on defence and security between the two countries continues, noting that the new Defence Ministry building funded by India was inaugurated today.
He narrated how India has been partner of Maldives in its development, and mentioned several projects being executed by India in the island nations, including the Greater Malé Connectivity Project, the longest bridge in the Maldives funded and being built by India.
