Latest news with #MaldivesNationalDay
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First Post
6 days ago
- Business
- First Post
India readies fresh line of credit for Maldives as PM Modi prepares to visit
India has a long history of offering financial and developmental assistance to the Maldives. It has extended multiple lines of credit in recent years read more India is preparing to extend a new line of credit to the Maldives, potentially finalising the agreement during Prime Minister Narendra Modi's upcoming visit on July 25–26, Economic Times cited people familiar with the matter as saying. The visit coincides with Maldives National Day and is expected to see the inauguration of several India-funded projects. The development comes at a time when the Maldives is grappling with economic headwinds. Modi's engagements during the two-day trip are expected to highlight India's role in supporting the archipelago's infrastructure and capacity-building efforts, which have taken on added urgency amid the country's ongoing fiscal challenges. STORY CONTINUES BELOW THIS AD India, Maldives, and the long credit line India has a long history of offering financial and developmental assistance to the Maldives. It has extended multiple lines of credit in recent years, alongside funding a range of high-impact community development projects tailored to the priorities of the Maldivian government and its people. To date, 56 such projects have been sanctioned, with 14 already completed and inaugurated. These schemes span education, healthcare, sanitation, and local governance and are emblematic of India's grassroots-level engagement in the country. In May, New Delhi provided critical support by rolling over a $50 million treasury bill as emergency budgetary assistance to the Maldives. The measure was designed to shore up the country's financial position amid rising concerns over debt sustainability. Since March 2019, India has helped facilitate a series of such treasury bill subscriptions by the State Bank of India. These have been extended annually, interest-free, through a special government-to-government mechanism, offering an economic lifeline to India's strategically located maritime neighbour. The treasury bill support, rolled over most recently in May, represents one of several tools through which India continues to provide fiscal stability to the Maldives. As Modi's visit approaches, the latest line of credit is expected to reinforce that commitment and further consolidate India's influence in the Indian Ocean region.
Time of India
20-07-2025
- Business
- Time of India
India works on LoC before PM Modi's Maldives trip
New Delhi: India is working on a line of credit which could be firmed up during Prime Minister Narendra Modi 's July 25-26 visit to the South Asian country which has been facing severe economic headwinds, said people familiar with the matter. During the visit, on the occasion of Maldives National Day, the PM is expected to inaugurate a slew of India-funded infrastructure and capacity building projects as part of the Modi government's 'Neighbourhood First' policy, they said. India has extended several lines of credit to the Maldives in the past. It is also assisting the country in high impact community development projects, which are driven by the needs and priorities of the communities and government of Maldives. Till date, 56 such projects have been approved, of which 14 have been completed and inaugurated. Explore courses from Top Institutes in Select a Course Category healthcare Technology Project Management Data Analytics Public Policy Digital Marketing PGDM others Product Management CXO Management Finance Others Healthcare Operations Management Degree Leadership Data Science MBA Cybersecurity Data Science Artificial Intelligence Design Thinking Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details In May India extended support to the Maldives by rolling over the $50 million treasury bill to keep the country's economy afloat amid a looming debt crisis. Since March 2019, India has facilitated subscription of several such treasury bills by the State Bank of India and rolled them over annually, interest-free, to the government of Maldives. This forms part of the government-to-government arrangement between the two nations that serves as India's emergency financial assistance to its maritime neighbour.
