New Delhi: Maldives President Mohamed Muizzu on Monday described India as a key partner in the socio-economic and infrastructure development of the country.

Delivering his remarks during the joint press statement with PM Modi here in Delhi, President Muizzu said, "India is a key partner in the socio-economic and infrastructure development of Maldives and has stood by Maldives during our times of need."

"I would like to thank PM Modi, the government and the people of India for the generous assistance and cooperation extended to Maldives over the years," he said.

President Muizzu thanked PM Modi for budgetary support extended to Maldives and also added that India has stood with the island country during its time of need.

"We (India-Maldives) agreed on a comprehensive vision document, charting the course of our bilateral relationship. A vision for comprehensive economic and maritime security partnership which encompasses development cooperation, trade and economic partnerships, digital and financial initiatives, energy projects, health cooperation as well as maritime and security cooperation," Muizzu said.

Muizzu further expressed gratitude to PM Modi for the Indian government's decision to provide support in the form of Rs 30 billion (USD 360 mn), in addition to the USD 400 million bilateral currency swap agreement.

"I am thankful for the Indian Government's decision to provide support in the form of 30 billion Indian Rupees in addition to 400 million US Dollars bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now, " he said.

The Maldivian President and PM Modi held bilateral and delegation-level talks at Hyderabad House in the national capital today.

Following the talks India today granted Maldives a USD100 million Treasury bills roll over, in addition to both sides inking a USD 400 million and ₹3,000 crore currency swap agreement.

Describing the "development partnership" as an important pillar of New Delhi-Male ties, Prime Minister Modi asserted that India has always given preference to the priorities of the people of Maldives.

Prime Minister Modi said, "Development partnership is an important pillar of our (India-Maldives) relations. We have always given preference to the priorities of the people of Maldives. This year, SBI did a rollover of 100 million dollars of the Treasury Bench of Maldives. As per the needs of the Maldives, a 400 million dollars and Rs 3000 crore currency swap agreement was also signed..."

In September, India announced that the State Bank of India would subscribe to Maldivian government bonds of USD 50 million. Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under the same mechanism, again on the request of the Government of Maldives.

In addition, Prime Minister Narendra Modi and President Mohamed Muizzu today witnessed the first transaction of RuPay card payments launched in the Maldives today.

The two leaders also virtually inaugurated the runway of Hanimaadhoo International Airport in the island nation.

Prime Minister Modi said that India and Maldives will be connected through UPI in times to come. "A few days back, RuPay card was launched in Maldives. In the time to come, India and Maldives will be connected through UPI," PM Modi said in a joint press statement.

PM Modi further said that the island country holds an important position in India's neighbourhood policy and SAGAR vision.

This report is auto-generated from a syndicated feed