India signs $50-mn pact to boost Maldives’ naval capabilities
India inks $50 mn line of credit to strengthen Maldives maritime capabilities
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New Delhi: India has signed an agreement with the Maldives to extend a $50-million line of credit to strengthen Male’s maritime capabilities, cementing New Delhi’s position as a key defence partner of the archipelago nation.
A total of five agreements were signed between the two countries over the weekend during Indian foreign minister S. Jaishankar’s two-day visit to Male which concluded on Sunday. It comes against the backdrop of China looking to increase its footprint in the Indian Ocean region—seen as India’s sphere of influence—with its multi-billion dollar Belt and Road Initiative and expanding naval presence.