India signs USD 50 million defence LoC agreement to boost maritime capabilities of Maldives

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India on Sunday reiterated its commitment to the Maldives’ security and signed a USD 50 million defence Line of Credit agreement with it to boost the maritime capabilities of the strategic island nation, as External Affairs Minister S Jaishankar held talks with the country’s top leaders to further strengthen bilateral ties and explore new areas of cooperation. The USD 50 million credit line agreement for defence projects was signed between the Finance Ministry of Maldives and the Export Import Bank of India.

The signing of the agreement took place after External Affairs Minister S Jaishankar held talks with 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. A Letter of Intent between Fahi Dhiriulhun Corporation and EXIM Bank was also signed during this visit towards extending a credit facility under EXIM Bank’s Buyer’s Credit scheme to support the design and construction of 2000 social housing units in Hulhumale, a joint statement on the visit said.

The External Affairs Minister held a cordial meeting with Defence Minister Didi and reviewed the various facets of defence and security cooperation. During his meeting with Didi, Jaishnakar said India would always be a reliable security partner for the Maldives.

After their talks, Jaishankar and Didi signed an agreement to develop, support and maintain a Maldives National Defence Force Coast Guard Harbour at Sifavaru (Uthuru Thilafalhu).

“The agreement was signed pursuant to the request Government of Maldives made in April 2013 for support and cooperation of the Government of India to assist the Government of Maldives for enhancing the capability of the Defence Forces of the Maldives in exercising jurisdiction and undertaking maritime surveillance of its Exclusive Economic Zone and islands,” the joint statement said.

It will “strengthen Maldivian Coast Guard capability and facilitate regional HADR ( Humanitarian Assistance and Disaster Relief) efforts,” Jaishankar tweeted.

Didi said: “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.

Jaishankar also witnessed the signing of a project execution contract for the construction of roads in Addu, the second-largest urban area in the Maldives, in terms of population.

This is the first of the eight major infrastructure projects being implemented jointly by the Maldives and India to be awarded. Jaishankar also called on Maldivian President Ibrahim Mohamed Solih and reaffirmed India’s fullest commitment as a comprehensive development partner of the island nation during the COVID-19 pandemic and beyond.

Jaishankar on Saturday handed over 100,000 additional doses of the COVID-19 vaccine to the Maldives.

“Guided by mutual respect and trust, the Maldives-India partnership has grown even stronger during the COVID-19 pandemic,” the joint statement said.

On Saturday, Jaishankar met his Maldivian counterpart Abdulla Shahid in a warm and friendly atmosphere, reflective of the renewed dynamism over the past two years in the traditionally close relationship, the joint statement said.

They noted with appreciation that in the last two years, the leadership of President Solih and Prime Minister Narendra Modi has steered the Maldives-India partnership into a new era of high ambition and cooperative action for mutual benefit.

Given that both countries are celebrating the 55th anniversary of the establishment of diplomatic relations between the Maldives and India, the ministers reaffirmed their commitment to further deepening and strengthening the relationship, and exploring new areas of cooperation, the joint statement said.