New Delhi, India (DT) — India has extended financial support of $400 million and a bilateral currency swap of ₹3,000 crore to assist the Maldives in overcoming its current financial challenges. The announcement was made during delegation-level talks between Indian Prime Minister Narendra Modi and Maldivian President Dr. Mohamed Muizzu, held in New Delhi today.
In addition to the currency swap agreement, the two countries signed two Memorandums of Understanding (MoUs) to enhance bilateral cooperation in preventing and combating corruption. Another two MoUs were renewed, focusing on capacity building programs for Maldivian judicial officers and cooperation in sports and youth affairs.
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Speaking after the talks, Prime Minister Modi underscored the importance of the India-Maldives partnership, stating that both countries have adopted a vision for a Comprehensive Economic and Maritime Security Partnership, which will provide strategic direction for their cooperation. He highlighted India’s commitment to supporting the Maldives’ priorities, noting that earlier this year, the State Bank of India rolled over $100 million worth of Maldivian “Treasury Bills.”
Prime Minister Modi emphasized that India remains the Maldives’ first responder in times of need, whether it is supplying essential commodities, providing drinking water during natural disasters, or delivering vaccines during the COVID-19 pandemic. He reiterated that the relationship between the two nations is centuries-old, with India being the Maldives’ closest neighbor and friend, aligning with India’s “Neighborhood First” policy and “SAGAR” vision.
Additionally, Modi virtually inaugurated the new runway at Hanimaadhoo International Airport in the Maldives and handed over 700 social housing units constructed under EXIM Bank’s Buyer’s Credit Facilities. The introduction of the RuPay card in the Maldives was also a key milestone, with both leaders witnessing the first transaction. Looking ahead, efforts will be made to connect India and the Maldives through UPI for seamless digital payments.
Maldivian President Dr. Mohamed Muizzu expressed gratitude for India’s financial assistance, including the ₹3,000 crore support and the $400 million currency swap, highlighting the positive trajectory of bilateral relations. He confirmed that the talks with Prime Minister Modi were comprehensive, focusing on the successful development journey of the two countries and charting the future course of their collaboration.
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