India announces $1.4 billion financial assistance for Maldives

Prime Minister of India Narendra Modi said in a statement that India is willing to provide a financial aid of $1.4 billion to the Maldives.

PM Modi said this during a press conference with the visiting President of the South Asian archipelago on Monday.

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“We are announcing and providing a total amount of $1.4billion to the Maldives for economic development of the country in a form of budgetary support, currency swap agreements, and concessional lines of credits,” says Indian PM Modi in a statement.

He further added that India wants greater trade ties with the Maldives as the investment and business opportunities in the Maldives are increasing for Indian companies.

During the press conference, President Solih said that we and India agreed to strengthen the security corporation in the Indian Ocean by collaborating the patrol surveillance.

Mohammad Ibrahim Solih won the elections in September and he’s trying to reset his country’s ties with India after the previous President of the country who drew the Maldives closer to China.

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