India Offers Maldives FTA Talks, ₹4,850 Cr Credit, 72 Vehicles
By : Krishna Mishra
During his two-day visit to the Maldives, Prime Minister Narendra Modi met with President Mohamed Muizzu on Friday, marking a significant step in strengthening bilateral ties. PM Modi received a ceremonial welcome at Republic Square in Male, followed by a cultural procession to the President's Office, accompanied by the Maldives National Defence Force (MNDF) Drum and Trumpet Band.
As a mark of respect and hospitality, the MNDF presented PM Modi with the traditional 'Haiykolhu' and also honoured him with a ceremonial Guard of Honour, according to ANI.
In a major development, both nations signed several key agreements and Memorandums of Understanding (MoUs), including a ₹4,850 crore Line of Credit (LoC) from India to the Maldives. According to the Ministry of External Affairs (MEA), this LoC—denominated in Indian rupees—is the first of its kind, replacing earlier dollar-based credit lines.
Foreign Secretary Vikram Misri noted that India and the Maldives also agreed to begin negotiations on a Free Trade Agreement (FTA), highlighting India’s continued support for the island nation's development and economic cooperation.