Maldives and India have signed an exchange agreement for the US$ 100 million Line of Credit to assist and facilitate ongoing key infrastructure projects in the Maldives.
The agreement was signed by Minister of Finance Ibrahim Ameer and General Manager of Exim Bank of India Nirmit Ved. The signing ceremony was held at the Ministry of Foreign Affairs as part of Foreign Secretary of India Vinay Mohan Kwatra.
India announced the decision to facilitate an additional US$ 100 million, for the US$ 800 million line of credit previously provided through the Exim Bank, during President Ibrahim Mohamed Solih’s official visit to the neighbouring country in August. The US$ 100 million Line of Credit is meant to assist and facilitate ongoing key infrastructure projects as part of India’s continual support for the long-term development and progress of the Maldives.
Also at the ceremony, the High Commissioner of India to the Maldives Munu Mahawar officially handed over a vessel procured for the Maldives Correctional Service under the Indian grant assistance to Commissioner of Prisons Ahmed Mohamed Fulhu.