'Friendship will continue': Modi, Muizzu signal new era in India & Maldives ties

India extends $400 mn assistance to Maldives; eyes to build ports, airports

NEW DELHI: The visiting Maldives President Mohamed Muizzu and Prime Minister Narendra Modi, after comprehensive talks on Monday, signalled a reset of the bilateral relationship that had hit a rough patch after Male's antiIndia rhetoric and pro-China tilt.

PM Modi and President Muizzu reviewed the bilateral relationship and agreed on a currency swap agreement that would grant access to the Maldives to $400 million support and an additional Rs 3,000 crore.

"I am thankful to the Indian government for providing support in the form of Rs 30 billion, in addition to the $400 million bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now," Muizzu said after wide-ranging talks with Modi at the Hyderabad House here.

"We have adopted a 'Comprehensive Economic and Maritime Security Partnership' to add a strategic dimension to the bilateral ties," Modi said.

The discussions between the leaders also revolved around transforming their relationship into a Comprehensive Economic and Maritime Security Partnership.

Both leaders recognized the current moment as an opportunity to enhance bilateral ties, particularly in tourism and economic cooperation.

As the two countries prepare to celebrate the 60th anniversary of formal diplomatic relations next year, Muizzu extended an invitation to PM Modi for a State Visit to the Maldives, aiming to commemorate this significant milestone. He reiterated the Maldives' commitment to peace and development in the Indian Ocean region, emphasising that collaboration with India is crucial for achieving mutual prosperity.

India has agreed to extend development cooperation to build ports, road networks, schools and housing projects in the archipelago nation grappling with a financial crisis.