India’s State Bank of India (SBI) has already rolled over treasury bills worth $100 million for the Maldives this year. In addition, a currency swap agreement of $400 million and ₹3,000 crore has been finalized, providing further support
India has committed to providing over ₹6,300 crore in financial assistance to the Maldives to help address its foreign exchange crisis and strengthen bilateral ties. During talks in New Delhi, Maldivian President Mohamed Muizzu met with Prime Minister Narendra Modi to discuss a renewed partnership, with both nations unveiling a new vision for economic cooperation and maritime security, reported hindustantimes.com.
Prime Minister Modi stressed India’s ongoing commitment to fostering the progress and prosperity of the Maldives, including future discussions on trade settlements in local currencies.
The comprehensive partnership aims to boost the Maldives’ maritime surveillance by supplying Indian radar systems and other equipment. The collaboration extends to key areas such as trade, digitalization, and finance.
The leaders also explored the potential for a free trade agreement, with Modi emphasizing the importance of India as the Maldives’ closest neighbor and steadfast ally.
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