Friendship always first: India extends Rs 4,850 crore credit line to Maldives as PM Modi reaffirmed strong bilateral ties

India and the Maldives marked a significant milestone in their bilateral ties on July 24, celebrating 60 years of diplomatic relations. On this occasion, Prime Minister Narendra Modi reiterated the importance of the enduring friendship between the two nations, announcing a new line of credit worth Rs 4,850 crore (USD 565 million) to support key development projects in the island nation. 

Speaking at a joint event with Maldivian President Mohamed Muizzu, PM Modi said, "This year, India and Maldives are also celebrating 60 years of their diplomatic relations. But the roots of our relations are older than history and as deep as the sea." The leaders also unveiled commemorative stamps featuring traditional boats from both countries, symbolising their shared maritime heritage. "This reflects that we are not just neighbours but also co-passengers," Modi added.

"India is Maldives' closest neighbour. Maldives holds an important place in India's 'Neighbourhood First' policy and 'MAHASAGAR' vision. India is proud of being the most



trusted friend of Maldives. Be it a crisis or pandemic, India has always stood with them as first responders. Be it making essential commodities available or handling the economy after COVID, India has always worked together," PM Modi said.

President Muizzu highlighted the significance of PM Modi’s visit, noting that it aligned with two major events,  the 60th Independence Day of the Maldives and the 60th anniversary of formal diplomatic ties with India. “Prime Minister Modi and I had the honour of witnessing the signing of four MoUs and three agreements across several key areas. Among these is a line of credit agreement for $565 million. This will be utilised for priority projects of my government across key sectors,” he said.

The announcements underscore a renewed commitment to cooperation and development as both countries look ahead to deepening their strategic partnership in the Indian Ocean region.

Earlier, PM Modi received a ceremonial welcome with a 21-gun salute as he arrived in Male.