India has signed a USD 50 million line of credit (LoC) agreement with the Maldives to facilitate maritime capability building of the island nations.
According to a joint India-Maldives joint statement, the agreement was signed between the Government of Maldives and EXIM Bank India.
The agreement was signed during the visit of External Affairs Minister S Jaishankar to the Maldives.
"Welcome the signing of USD 50 million Defence LoC agreement with the Maldives. Will facilitate capability building in the maritime domain," Jaishankar tweeted.
Jaishankar, accompanied by a delegation of senior officials from India, paid an official visit to the Maldives on 20-21 February 2021 at the invitation of Maldivian Foreign Minister Abdulla Shahid.