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Male (Maldives): In a significant boost to bilateral ties, India and the Maldives signed six Memoranda of Understanding (MoUs) on Thursday during Prime Minister Narendra Modi’s ongoing State Visit. The wide-ranging agreements aim to enhance cooperation in fisheries, meteorology, digital infrastructure (including UPI), Indian pharmacopoeia, and concessional financing.
₹4,850 Crore Line of Credit and Debt Relief
India announced a new Line of Credit worth ₹4,850 crore to support infrastructure development and strategic projects in the Maldives. Additionally, an Amendatory Agreement was signed, reducing Maldives’ annual debt repayment by 40%, lowering the obligation from $51 million to $29 million.
Steps Toward Free Trade Agreement
Both sides also formally initiated talks for a Free Trade Agreement (FTA) and exchanged the Terms of Reference. PM Modi emphasized that the FTA and a Bilateral Investment Treaty would unlock new economic opportunities for both nations.
Strengthening Strategic & Maritime Ties
The two leaders—PM Modi and President Mohamed Muizzu—committed to deepening ties across defence, maritime security, development partnership, education, healthcare, infrastructure, digital economy, aquaculture, and climate resilience. PM Modi highlighted the Colombo Security Conclave as a shared platform for enhancing regional maritime security.
Joint Inaugurations and Development Projects
In a powerful symbol of partnership, PM Modi and President Muizzu jointly inaugurated:
- New building of the Maldives Ministry of Defence, funded by India
- Road and drainage system in Addu City (111 km roads, 106 km drainage, 160 km street lighting)
- 6 High Impact Community Development Projects (HICDPs) across multiple cities
- 3,300 social housing units
- 72 vehicles for the Maldives National Defence Force and Immigration authorities
Afcons Infrastructure Ltd, which implemented the Addu City project with funding from India’s Exim Bank, overcame engineering challenges by designing custom lifting equipment for inaccessible terrains, according to its Executive Vice President, Mr. Krishnamurthy.
Emphasis on Digital and Financial Inclusion
PM Modi welcomed agreements on the adoption of India’s UPI system, RUPAY card acceptance, and local currency trade, seeing them as avenues to boost tourism and bilateral commerce in the digital age.
Maldives Acknowledges India as Trusted Partner
President Muizzu expressed gratitude to India for the new credit line and recognized India as a key development and healthcare partner. He assured his country’s commitment to further deepen cooperation.
The visit marks a milestone in 60 years of India-Maldives diplomatic relations, with both nations reaffirming their commitment to a mutually beneficial, secure, and prosperous Indian Ocean region.
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