Maldives and India today signed eight agreements, including the establishment of a Free Trade Agreement (FTA) and a new USD 565 million (MVR 8.7 billion) Line of Credit (LOC) for development projects.
The agreements were exchanged at a ceremony held at the President's Office on Friday evening during Prime Minister Narendra Modi's two-day official visit to the Maldives.
An agreement was also signed to facilitate repayment of the amount used in the USD 800 million LOC during former President Ibrahim Mohamed Solih's administration.
In a post on X earlier on Friday, Solih said USD 450 million of the USD 800 million LOC remains unused.
Other agreements exchanged between the two countries include cooperation in fisheries, climate and environment, digital transformation, import of quality medicines and an agreement with the Maldives Monetary Authority (MMA) to launch India's Unified Payments Interface (UPI) service.
This is Modi's third visit to the Maldives. He previously visited the country in 2018 and 2019. He is the first head of state to visit the Maldives during the Muizzu administration.
