Maldives and India have signed an agreement to provide a credit facility of USD 800 million.

The agreement was signed at the Maldives Finance Ministry on Monday.

Finance Minister Ibrahim Ameer signed on behalf of Maldives and Export-Import bank of Maldives (EXIM) Chief General Manager Sudat Mandley signed on behalf of India.

Those who joined the signing ceremony include India’s Ambassador to Maldives Sanjay Sudhir and Maldives Ambassador to India Aishath Mohamed Didi.

The agreement was made during President Ibrahim Mohamed Solih’s state visit to India.

The money will be used to fund the government’s development projects. Once the Indian government receives the project details, loans will be provided via the EXIM bank, said Finance Minister Ameer.