NEW DELHI: India and Maldives on Sunday signed a $100 million line of credit (LOC) agreement in the presence of Foreign Secretary Vinay Mohan Kwatra and his Maldivian counterpart Ahmed Lateef at Male.
“This agreement was announced during the visit of Maldivian President Solih to India in early August. Also a speed launch was handed over to Maldives Correctional Services under the India grant assistance,’’ Ministry of External Affairs spokesperson, Arindam Bagchi said. Kwatra, who is on an official visit to the Maldives, met President Ibrahim Mohamed Solih and assured him of the firm commitment to the growth of bilateral ties.
“FS Kwatra during his interaction with President Solih held substantive discussions on India-Maldives relations, including progress on ongoing projects. FS Kwatra reassured President Solih of India’s firm commitment to the growth of India-Maldives partnership,’’ according to MEA.
Kwatra reviewed the entire spectrum of the India-Maldives cooperation. Both sides assessed the growth in bilateral ties and discussed ways to further build momentum.
Under India’s neighbourhood first policy and Maldives’ India first policy, the two nations have worked in tandem to tackle shared concerns. India has assisted Maldives in the creation of infrastructure, which includes housing, clean water, sanitation and ports. During the pandemic, India gifted Covid vaccines to Maldives.
India has emerged as Maldives’ second-largest trade partner, with around 13% market share for Indian exports. In July 2021, India extended the agreement on quotas for restriction-free export of nine essential commodities to the Maldives for three years.