India announces Rs 4,850 crore Line of Credit to Maldives
Modi made the remarks after holding wide-ranging talks with Maldivian President Mohamed Muizzu, focusing on consolidating cooperation in areas of trade, defence and infrastructure.
The prime minister's visit marked a major turnaround in India-Maldives ties after a spell of unease.
Modi also announced that the two countries will work towards finalising a bilateral investment treaty and that negotiations for a free trade pact have already started.
The Maldives holds an important place in India's "Neighbourhood First" policy and MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision, the prime minister said.
Modi said India has decided to provide a line of credit of USD 565 million (Rs 4,850 crore) to the Maldives.
Mutual cooperation in the field of defence and security is a testament to mutual trust, he said.
India will always support the Maldives to strengthen its defence capabilities, he added.
Modi landed in Male this morning to a warm welcome with Muizzu and a number of top ministers of his government receiving the prime minister at the Velena international airport, reflecting the importance Male attached to the trip.
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