India offers US$1 billion in exchange for military presence
Up to US$1 billion in low-interest loans was offered to help the Maldives repay its debt to China.
28 Nov 2018, 9:00 AM
India has offered up to US$1 billion in low-interest loans to help the Maldives repay its debt to China in exchange for a permanent military presence, the Nikkei Asian Review reported Wednesday, citing Indian government sources.
Talks are ongoing and details are expected to be worked out before President Ibrahim Mohamed Solih’s state visit on December 17, according to the sources.
The report comes at the end of a four-day official visit by Foreign Minister Abdulla Shahid to reset relations after the new administration took office on November 17.
India-Maldives ties nosedived under former president Abdulla Yameen after New Delhi expressed “deep dismay” about a state of emergency in February. The former administration’s partnership with China, which financed flagship infrastructure projects, also stoked fears of India’s loss of influence in its backyard.
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