India to provide USD 1.4BN credit facility to the Maldives
17 ޑިސެމްބަރު 2018 | ހޯމަ 09:24Indian Prime Minister Narendra Modi himself announced this during an address on Monday
President Ibrahim Mohamed Solih with Prime Minister Narendra Modi
India has announced intentions to provide a USD 1.4 billion credit facility to the Maldives.
Indian Prime Minister Narendra Modi himself announced this during an address alongside President Ibrahim Mohamed Solih, as part of the latter's ongoing trip to the country.
More information on the matter is yet to be revealed, although the governments of India and the Maldives signed a total of four agreements at the Hyderabad House on Monday.
There were previously reports of India and Maldives signing a loan agreement for USD 200 million. Finance Minister Ibrahim Ameer said that 50 million is free aid from India, while the remainder is a treasury bond investment.
According to President Solih, who previously described India's intention to aid the Maldives as a generous token of friendship, said that the funds will be used to supplement the 2019 state budget.
