The Government of India has extended a financial package worth 250 million US dollars to the Government of Maldives.
This financial package will support the Maldives in meeting the Government’s financing gap, and support the Government’s efforts in responding to Covid19.
The financial assistance was announced during a Digital Video Conference held today, between the Minister of Foreign Affairs of Maldives Abdulla Shahid and Minister of External Affairs of India Dr. Subrahmanyam Jaishankar.
The meeting reviewed progress on the ongoing development projects between the two countries. In this context, the two ministers acknowledged the good progress being made on the projects that are being considered under the 800 million US Dollar Line of Credit.
The 800 million US Dollar Line of Credit was announced during the State Visit of President Ibrahim Mohamed Solih to India in December 2018, for which the Agreement was signed between the Indian Export-Import Bank and the Ministry of Finance in March 2019.
Several key infrastructure projects are currently being considered for financing under the Line of Credit. Both Ministers agreed to work towards further accelerating implementation on these key infrastructure projects.
Both Ministers also agreed on the significance of the smaller projects, which are being carried out under the Indian High Impact Community Development Projects Scheme, and the cash grant of MVR 106 million by the Government of India. Nineteen projects in 74 inhabited islands, in eighteen atolls, have been approved for financing under the cash grant, and nine projects are being implemented under the High Impact Community Development Scheme.
Minister Shahid thanked the Minister of External Affairs and the Government of India for India’s continued support for the development of the Maldives. He noted that India has been among the first to respond during this pandemic, as it has with every crisis the Maldives has faced.
Both Ministers acknowledged that the relationship has undergone a significant revitalization, and experienced renewed dynamism since President Ibrahim Mohamed Solih assumed office on 17 November 2018. They agreed that the frequent exchanges at the highest levels, ministerial visits, and a record number of agreements have resulted in an expanded scope of cooperation between the two countries, towards the mutual benefit of both peoples.
