Prime Minister of India, Narendra Modi has announced the offer of a new Government of India Line of Credit of USD 100 million to the Maldives.

The announcement was made during a joint press meet by Prime Minister Modi and President Ibrahim Mohamed Solih, who is visiting India on an invitation extended by PM Modi.

The USD 100 million are set to finance infrastructure projects in the Maldives, that are already running under the assistance of India.

President Solih thanked Government of India for this offer and expressed confidence that this additional fund would enable implementation of several large infrastructure projects that have been under various stages of discussion.

He further revealed that discussions were held on numerous topics with PM Modi.

As such, both leaders reviewed the progress achieved in the development of the 4,000 social housing units being built in Greater Male’ under Buyer’s Credit financing of Exim Bank of India. These housing units are in line with the Government focus of providing affordable housing for its citizens. They further discussed construction of another 2000 social housing units in Greater Male’ under a Credit financing from the Exim Bank.

India had previously provided a USD 800 million Line of Credit.