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India extends ₹4,850 crore line of credit to Maldives during PM Modi's visit, FTA talks begin
India has extended a fresh line of credit worth ₹4,850 crore to the Maldives, Foreign Secretary Vikram Misri said on Friday. The announcement was made during Prime Minister Narendra Modi's state visit to Malé.
#WATCH | Malé, Maldives | On PM Modi's visit to Maldives, Foreign Secretary Vikram Misri says, "We have signed an MoU related to the extension of a fresh line of credit, of Rs 4850 crore to the Maldives. This is the first Line of Credit (LoC) extended to the Maldives that is… pic.twitter.com/PI607Ol12p — ANI (@ANI) July 25, 2025
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'This Line of Credit represents a continuation of the tradition of assistance to the development needs of the Maldives,' Misri said, adding that the funds are expected to support a range of infrastructure projects that will benefit the Maldivian people.
In addition to the new credit line, the two sides also signed a mandatory agreement amending an existing dollar-denominated line of credit. The revision is set to significantly ease the Maldives' debt burden, slashing its annual repayment obligations by 40 per cent from nearly $51 million to $29 million.
The credit extension and debt restructuring come amid efforts by both countries to strengthen bilateral ties with PM Modi's visit being the first by a foreign head of state or government during President Muizzu's term.
PM Modi also announced that discussions for the free trade agreement have also started between the two nations.
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