India extends US$100 million standby credit facility to Maldives
12 Nov 2011, 5:05 PM
Eleanor Johnstone
India today extended a US$100 million standby credit facility to the Maldives in support of economic stability. India has agreed to assist developing the country’s banking and financial infrastructure and capacity building.
“Bilateral cooperation between India and Maldives has been on a high growth trajectory in recent times,” said India’s Prime Minister Manmohan Singh. “We are working together on increasing connectivity and closer economic cooperation. These efforts are bearing fruit.”
In a signing ceremony at the President’s Office this morning, the two governments signed five agreements including a Memorandum of Understanding for international terrorism, drug trafficking, disaster management and coastal security; a program of cooperation between 2012 and 2015; and India’s commitment to renovate Indira Gandhi Memorial Hospital (IGMH).
A Framework Agreement on Cooperation for Development outlined a joint effort to support the growth of trade and investment, food security, fisheries development, tourism, transportation, information technology, renewable energy, communications and connectivity.
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