President Ibrahim Mohamed Solih has stated that the new Line of Credit of USD 100 million offered by the government of India, will enable implementation of many large infrastructure projects that have been under various stages of discussion.

He said this in the joint statement issued by the governments of Maldives and India as part of his official visit to India.

The joint statement reads that India’s Prime Minister, Narendra Modi had announced the offer of a new Line of Credit of USD 100 million to finance infrastructure projects in Maldives.

With this, the Maldivian president thanked the Indian government for the offer and expressed confidence that it would enable implementation of many large infrastructure projects that have been under various stages of discussion

Both leaders reviewed the remarkable progress achieved in the development partnership domain despite the Covid-19 pandemic and other global economic challenges.

In recent years, the development partnership between the neighbors has observed rapid growth and covered large infrastructure projects, community-level grant projects and capacity building programmes which are based purely on requirements of the Maldives, implemented through transparent processes and in a spirit of cooperation between the two Governments.

The visit also saw both leaders participating in the virtual ceremony which saw the pouring of the first concrete for the USD 500 million Greater Male’ Connectivity Project (GMCP) being built under grant and concessional loan support from India.

The ceremony saw the two leaders instructing the officials to ensure “timely” completion of the largest landmark infrastructure project in Maldives to date - that will enhance mobility between Male’, Villingili, Gulhifalhu and Thilafushi islands, cut down logistics cost and drive people-centric economic growth which will be a symbol of enduring friendship between the two countries.

Further, they also reviewed the progress achieved in the development of the 4,000 social housing units being built in GMR under Buyer’s Credit financing of Exim Bank of India.

These housing units are in line with the Maldivian government’s focus of providing affordable housing for the people.

Further, President Solih and PM Modi also welcomed the approval of Exim Bank of India Buyer’s Credit funding of USD 119 million for construction of another 2,000 social housing units in the capital region, as well as the exchange of a Letter of Intent to this effect between Exim Bank of India and the Maldivian government.

President Solih expressed appreciation to the Indian government for the “generous” assistance for additional housing units.

President Solih is on a four-day official visit to the neighboring country and is accompanied by a high-level delegation of senior government officials including Minister of Finance Ibrahim Ameer, Minister of Economic Development Fayyaz Ismail, Minister of Gender, Family and Social Services Aishath Mohamed Didi and a business delegation.

The visit comes upon the invitation of the Prime Minister Modi.

This is President Solih’s third visit to India since assuming office in 17 November 2018.

During the visit, President Solih had restricted and delegation level talks with PM Modi in New Delhi.

PM Modi also hosted an official lunch for the president of Maldives, and his delegation.

President Solih also met with Indian President Droupadi Murmu during the visit and congratulated President Murmu on assuming office as India’s 15th President. 

He was also called on by Minister of External Affairs of India, Dr. S. Jaishankar.