India-Maldives Bilateral Relations and Developments

Financial Assistance and Debt Relief

• Line of Credit (LoC): India announced a LoC of $565 million (approximately ₹4,850 crore) to the Maldives.
• Debt Repayment Reduction: India reduced the Maldives' annual debt repayment obligations on existing Indian-funded LoCs.

Diplomatic and Strategic Relations

• Prime Minister's Statement: Highlighted the significance of the Maldives in India's Neighborhood First policy and Vision MAHASAGAR.
• Defense Support: India reiterated its support to strengthen Maldivian defense capabilities.

Celebrations and Diplomatic Ties

• The visit coincided with Maldivian independence celebrations and 60 years of India-Maldives diplomatic relations.

Agreements and Collaborations

• Several Memorandums of Understanding (MoUs) were signed across various sectors, including:
  • Fisheries and Aquaculture
  • Meteorological collaboration between India's Institute of Tropical Meteorology and the Maldives Meteorological Services
  • Digital governance solutions for digital transformation

Financial Connectivity

• An agreement was concluded between NPCI International Payments Limited and the Maldives Monetary Authority to introduce India's Unified Payments Interface (UPI) to the Maldives.