India extends $50mn line of credit to Maldives for defence projects
NEW DELHI: India on Sunday extended a $50-million line of credit to the Maldives for defence projects and the two countries signed an agreement to develop and maintain a key naval facility for the armed forces of the Indian Ocean archipelago.
The agreements for the defence line of credit and developing the harbour at Uthuru Thila Falhu naval base were signed on the second and final day of external affairs minister S Jaishankar’s visit to the Maldives. Five other agreements, including one for a $25-million line of credit for development of roads, were signed on Saturday.
The agreement between India’s EXIM Bank and the Maldives government for the defence line of credit will facilitate capability building in the maritime domain, Jaishankar said without giving details.
Jaishankar and Maldives defence minister Mariya Didi signed the agreement to “develop, support and maintain” the Coast Guard harbour in Uthuru Thila Falhu. The ministers also reviewed various facets of defence and security cooperation, and Jaishankar said India “will always be a reliable security partner”.
Didi said the harbour and dockyard will mark “another significant milestone” in bilateral defence cooperation, while Jaishankar said the facility will strengthen the capability of the Maldivian Coast Guard and facilitate regional humanitarian assistance and disaster relief efforts. A joint statement said the pact on developing the harbour was in line with several requests made by the Maldives since 2013.