india-news

India extends $25mn credit to Maldives

New Delhi, Jan 2 : Indian Prime Minister Manmohan Singh on Thursday met Maldivian President Abdulla Yameen and said India is extending a standby credit facility of 25 million US dollars to Maldives for imports from the Asian nation.


Singh said both of them have agreed on a number of initiatives to strengthen bilateral defence and security cooperation.

"We have agreed on a number of initiatives to strengthen bilateral defence and security cooperation, including through training, supply of equipment, capacity building, joint patrolling and aerial and maritime surveillance. We are also deepening our trilateral maritime security cooperation with Sri Lanka and look forward to expanding it to other countries in the Indian Ocean. India is ready to provide further assistance and support to Maldives in strengthening our collective ability to address our shared security challenges," Singh said in his statement.

Singh said he will like to see a more balanced growth of the bilateral trade between India and Maldives.

"Our bilateral trade is around Rs. 700 crores, and the balance is overwhelmingly in India's favour. I would like to see a more balanced growth in our bilateral trade, and we will certainly do all we can to encourage the flow of Indian tourists to Maldives. Increase in Indian investments in Maldives would also contribute to expansion of our economic relations. In this context, I requested President Yameen to amicably settle the issue of Male International Airport and address the problems that some of our investors are facing," the PM said.

"As part of immediate measures, India is extending a standby credit facility of 25 million U.S. dollars to Maldives for imports from India. We have also agreed to meet the requirements of petroleum products in Maldives and have asked our agencies to work out the best possible terms and arrangements. We will continue to further develop our development partnership, including in areas such as education and health," he said.

--IBNS (Posted on 03-01-2014)

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