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Government of India extends financial support to Maldives to help it deal with ongoing challenges
India has always played the role of a first responder for Maldives, Prime Minister Modi said after meeting President Mohamed Muizzu on Monday (October 7, 2024) even as the two sides concluded a bilateral currency swap agreement of USD 400 million and INR 30 billion to help Maldives tackle a deep financial crisis.
The leaders also agreed to implement further measures to support Maldives in addressing its financial challenges, a joint statement issued after their talks said. President Muizzu, who is on his first bilateral visit to India after coming to power last year, expressed his appreciation for the decision of the Government of India to extend financial support.
It is also worth pointing out that during 2024, the State Bank of India has rolled over USD 100 million of Treasury Bills of Maldives.
During their meeting, the two leaders comprehensively reviewed the entire gamut of bilateral ties while noting the progress made by both countries in deepening their historically close and special relationship that has immensely contributed to the betterment of the peoples of the two countries.
A key outcome of the talks was India and Maldives adopting the Vision on Comprehensive Economic and Maritime Security Partnership, covering closer cooperation in defence and security, development partnership, health, trade and economy, and energy in addition to digital and financial services.
Prime Minister Modi pointed out that India is Maldives' closest neighbour and close friend while Maldives has an important place in both India’s"Neighbourhood First" policy and "SAGAR" Vision.
“India has always played the role of a first responder for Maldives. Whether it is fulfilling the need of essential commodities for the people of Maldives, making drinking water available during natural disasters, or providing vaccines during Covid-19, India has always fulfilled its responsibility as a neighbour,” Prime Minister Modi remarked.
India's Strong Development Partnership With Maldives
“ Development partnership is an important pillar of our relations. And in this, we have always given priority to the priorities of the people of Maldives,” Prime Minister Modi stated.
As part of the Vision on Comprehensive Economic and Maritime Security Partnership adopted on Monday, the two sides have agreed to work together in advancing the developmental partnership, as per needs and requirements of Maldives, across areas, including ports, airports, housing, hospitals, roads networks, sports facilities, schools and water and sewerage. This includes providing assistance to the Maldives in addressing the housing challenges and to accelerate the ongoing social housing projects supported by India’s assistance.
The two sides have also agreed to extend full support for the timely completion of the flagship Greater Malé Connectivity Project (GMCP), and to undertake a feasibility study to connect the islands of Thilafushi and Giraavaru as an extension.
Additionally, India and Maldives will collaborate in the development of a state-of-the-art commercial port at Thilafushi island in order to de-congest the Malé port and provide enhanced cargo handling capacity at Thilafushi. They will also explore collaboration for development of transshipment facilities and bunkering services contributing towards Maldives Economic Gateway project at Ihavandhippolhu and Gaadhoo islands of Maldives.
India and Maldives will jointly work in harnessing the full potential of Hanimaadhoo and Gan airports that are being developed with Indian assistance as well as other airports of Maldives. Towards this end, both sides will also consider measures to strengthen air connectivity, attract investments and collaborate for efficient management of these airports.
They will work together in establishing an Agriculture Economic Zone and tourism investments in Haa Dhaalu atoll and fish processing and canning facility at Haa Alifu atoll with Indian assistance.
It has also been decided to further expand, through additional financing, the successful High Impact Community Development Projects to take the India-Maldives people-centric development partnership to every part of Maldives.
The leaders also agreed to implement further measures to support Maldives in addressing its financial challenges, a joint statement issued after their talks said. President Muizzu, who is on his first bilateral visit to India after coming to power last year, expressed his appreciation for the decision of the Government of India to extend financial support.
It is also worth pointing out that during 2024, the State Bank of India has rolled over USD 100 million of Treasury Bills of Maldives.
During their meeting, the two leaders comprehensively reviewed the entire gamut of bilateral ties while noting the progress made by both countries in deepening their historically close and special relationship that has immensely contributed to the betterment of the peoples of the two countries.
A key outcome of the talks was India and Maldives adopting the Vision on Comprehensive Economic and Maritime Security Partnership, covering closer cooperation in defence and security, development partnership, health, trade and economy, and energy in addition to digital and financial services.
Prime Minister Modi pointed out that India is Maldives' closest neighbour and close friend while Maldives has an important place in both India’s"Neighbourhood First" policy and "SAGAR" Vision.
“India has always played the role of a first responder for Maldives. Whether it is fulfilling the need of essential commodities for the people of Maldives, making drinking water available during natural disasters, or providing vaccines during Covid-19, India has always fulfilled its responsibility as a neighbour,” Prime Minister Modi remarked.
India's Strong Development Partnership With Maldives
“ Development partnership is an important pillar of our relations. And in this, we have always given priority to the priorities of the people of Maldives,” Prime Minister Modi stated.
As part of the Vision on Comprehensive Economic and Maritime Security Partnership adopted on Monday, the two sides have agreed to work together in advancing the developmental partnership, as per needs and requirements of Maldives, across areas, including ports, airports, housing, hospitals, roads networks, sports facilities, schools and water and sewerage. This includes providing assistance to the Maldives in addressing the housing challenges and to accelerate the ongoing social housing projects supported by India’s assistance.
The two sides have also agreed to extend full support for the timely completion of the flagship Greater Malé Connectivity Project (GMCP), and to undertake a feasibility study to connect the islands of Thilafushi and Giraavaru as an extension.
Additionally, India and Maldives will collaborate in the development of a state-of-the-art commercial port at Thilafushi island in order to de-congest the Malé port and provide enhanced cargo handling capacity at Thilafushi. They will also explore collaboration for development of transshipment facilities and bunkering services contributing towards Maldives Economic Gateway project at Ihavandhippolhu and Gaadhoo islands of Maldives.
India and Maldives will jointly work in harnessing the full potential of Hanimaadhoo and Gan airports that are being developed with Indian assistance as well as other airports of Maldives. Towards this end, both sides will also consider measures to strengthen air connectivity, attract investments and collaborate for efficient management of these airports.
They will work together in establishing an Agriculture Economic Zone and tourism investments in Haa Dhaalu atoll and fish processing and canning facility at Haa Alifu atoll with Indian assistance.
It has also been decided to further expand, through additional financing, the successful High Impact Community Development Projects to take the India-Maldives people-centric development partnership to every part of Maldives.
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