Prime Minister Narendra Modi reaffirmed the Maldives pivotal role in India’s neighborhood First Policy and SAGAR (Security and Growth for All in the Region) vision during a crucial meeting with Maldivian President Mohamed Muizzu on October 7.
PM Modi emphasized the centuries-old relationship between India and the Maldives. He said, ‘India and Maldives are deeply rooted in history. As Maldives nearest neighbor and close friend, India has always played the role of first responder during times of crisis’.
He further stressed that the Maldives holds a key position in India’s role in supporting the island nation during the economic and environmental challenges. During the meeting, PM Modi announced significant financial aid to assist the Maldives as it grapples with an economic downturn. India has rolled $100 million of the Maldives Treasury Bench through the State Bank of India. PM Modi revealed a new $400 million currency swap agreement to help stabilize the Maldivian economy.
Several key agreements were signed during President Muizzu’s visit, further solidifying India-Maldives cooperation in various sectors. Among the most notable were the agreements on using India’s Rupay card in the Maldives, which will facilitate transactions for Indian tourists and promote tourism.
A Memorandum of Understanding (MoU) was signed between India’s Rashtriya Raksha Unversity and the Maldives National College of Policing and Law Enforcement, focusing on training and capacity building.
However, Maldives President Mohamed Muizzu says, ‘India is a key partner in the socio-economic and infrastructure development of Maldives and has stood by Maldives during our times of need. I would like to thank PM Modi, the government and people of India for the generous assistance and cooperation extended to Maldives over the years’.
Prime Minister Narendra Modi said, ‘Climate change is a huge challenge for both of our countries. In this regard, India is ready to share its experiences with Maldives regarding solar and energy efficiency’. ‘A few days back, RuPay card was launched in Maldives. In the time to come, India and Maldives will be connected through UPI’, said PM Modi.
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