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India to establish USD 1.4 billion credit facility in Maldives

Ahmed Aiham
17 December 2018, MVT 16:57
President Ibrahim Mohamed Solih shaking hands with Indian Prime Minister Narendra Modi, during the President's first state visit. PHOTO: AHMED HAMDHOON/MIHAARU
Ahmed Aiham
17 December 2018, MVT 16:57

Indian Prime Minister Narendra Modi announced financial assistance of USD 1.4 billion in the form of budgetary support, currency swap and concessional lines of credit to fulfil socio-economic development programmes in Maldives.

Modi declared the decision following the meeting with Maldives' President Ibrahim Mohamed Solih, currently on his first diplomatic mission since his inauguration.

The two countries have signed the following documents during the visit:

- Agreement on the Facilitation of Visa Arrangements

- Memorandum of Understanding on Cultural Cooperation

- Memorandum of Understanding for establishing Mutual Cooperation to Improve the Ecosystem for Agribusiness

- Joint Declaration of Intent on Cooperation in the field of Information, and Communications Technology and Electronics

This is President Solih's first state visit to another country since his inauguration on November 17.

The Indian government facilitated private air transport for the couple and their entourage, comprising of Minister of Foreign Affairs Abdulla Shahid, Minister of Finance Ibrahim Ameer, Minister of National Planning and Infrastructure Mohamed Aslam, Minister of Transport and Civil Aviation Aishath Nahula, and Minister of Economic Development Fayyaz Ismail.

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