India reiterated its commitment to the Maldives’ security and signed a USD 50 million defence Line of Credit agreement. The purpose of the LoC is to boost the maritime capabilities of the strategic island nation. The USD 50 million credit line agreement was signed between the Finance Ministry of Maldives and the Export Import Bank of India.
After the talks between External Affairs Minister S Jaishankar, Maldivian Defence Minister Mariya Didi, Minister of Finance Ibrahim Ameer, Minister of Economic Development Fayyaz Ismail and Minister of National Planning, Housing and Infrastructure Mohamed Aslam, the signing of the agreement took place. Jaishnakar also held a “cordial meeting” with the Defence Minister.
“Useful exchange on our defence cooperation. India will always be a reliable security partner for the Maldives,” Jaishankar tweeted. He also said that he is glad to sign with Defence Minister the Project agreement. The project is expected to strengthen Maldivian Coast Guard capability and facilitate regional HADR (Humanitarian Assistance and Disaster Relief) efforts. Didi said it was a great pleasure to welcome Jaishankar.
“From time immemorial Defence Cooperation has been a key element of the sisterly relationship that exists between India and the Maldives. The Coast Guard Harbour & Dockyard at SIFAVARU will mark another significant milestone,” she tweeted.