India, Maldives seal pact on $100 mn credit line  


Foreign Secretary Kwatra is on a three-day official visit to the Maldives…reports Asian Lite News

Foreign Secretary Vinay Kwatra reviewed the entire spectrum of bilateral cooperation during discussions with his Maldivian counterpart Ahmed Latheef in Male on Sunday.

They also witnessed exchange of the US$100 mn Line of Credit (LoC) Agreement and the handing over of a speed boat to the Maldivian authorities.

Foreign Secretary Kwatra is on a three-day official visit to the Maldives.

“Foreign Secretary Vinay Kwatra reviewed the entire spectrum of #IndiaMaldives cooperation with Foreign Secretary Ahmed Latheef.

Both sides positively assessed the robust growth in our bilateral ties and discussed ways to further build on the momentum,” MEA Official Spokesperson Arindam Bagchi tweeted.

According to the Ministry of Foreign Affairs of Maldives, both Foreign Secretaries noted the successful economic cooperation and the progress of projects that is being implemented under Indian grant assistance and line of credit scheme.

The discussions also included matters relating to development cooperation, human resource development, multilateral engagements and consular affairs. Foreign Secretary Latheef expressed gratitude to the Government of India for the constant support and commitment shown to the people, and the development of the Maldives, the ministry noted.

They witnessed exchange of the $100 mn Line of Credit (LoC) Agreement, announced during the visit of President Ibrahim Mohamed Solih to India in August 2022, and handing over of a speed launch to the Maldives Correctional Services, under Indian grant assistance.

The LoC agreement was exchanged by Minister of Finance, Ibrahim Ameer, on behalf of the Government of Maldives and General Manager of EXIM Bank of India, Nirmit Ved in a special ceremony at the Ministry of Foreign Affairs in Male.

The purpose of this agreement is to ease and facilitate the numerous ongoing key infrastructure projects in the Maldives. The agreement exchanged today is a testament to the unwavering support and commitment of the Government of India in improving the socioeconomic wellbeing and public welfare of Maldives, the Ministry of Foreign Affairs of Maldives said.

Talking about the handing over of the speed boat, the ministry said it marks the completion of this project under grant assistance scheme provided by the Government of India, which would be utilised to ease transportation issues and increase the capacity of Maldives Correctional Service to undertake its responsibilities in serving the community.

The total amount allocated for this project was 8 million rufiyaa. The first component of this project concerned the procurement of land vehicles and the second component of this project entailed the construction of a sea vessel.

According to the Foreign Ministry of Maldives, the financial support has been provided from the grant assistance of total 106 million rufiyaa granted to the Government of Maldives by the Government of India during the visit of the Minister of External Affairs of India in March 2019.

The aim of the grant assistance is to conduct socio-economic development projects across the country which make a significant impact. The projects under this grant will be managed by local authorities, the ministry pointed out.

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