Muizzu Expresses Gratitude to India for Support in Loan Repayment and Development Projects
President Dr Mohamed Muizzu has expressed his gratitude to the Indian government for its ongoing support, particularly for concessions made regarding the repayment of USD 50 million from treasury bonds sold by the Maldivian government to the State Bank of India (SBI).
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The Indian government has extended the repayment period for the USD 50 million loan, increased the quota for food products, and facilitated the use of remaining funds from a line of credit facility. Muizzu conveyed his appreciation during a special ceremony at the President’s Office today, coinciding with the official visit of India’s Minister of External Affairs, Dr Subrahmanyam Jaishankar.
At the ceremony, India handed over completed projects involving establishing water supply and sewerage systems on 28 Maldivian islands, funded through a USD 800 million line of credit provided by India’s Exim Bank.
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Muizzu highlighted the significance of these High Impact Community Development Projects (HICDPs), implemented with Indian assistance, as evidence of the close ties between the two countries. He noted that these projects contribute significantly to the socio-economic development of the Maldives.
During the previous administration led by former President Ibrahim Mohamed Solih, the Maldives secured USD 200 million from SBI as budget support, with USD 50 million granted as free aid.
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The remaining USD 150 million was issued in three USD 50 million treasury bills. In January, the Maldivian government completed the repayment of one USD 50 million treasury bill, leaving USD 100 million yet to be paid. The Indian government has now extended the repayment of one of these treasury bills, due in May, by a year.
Muizzu extended his gratitude to Indian Prime Minister Narendra Modi and President Droupadi Murmu, acknowledging India’s consistent support for various social and infrastructural development projects in the Maldives. He also thanked Minister Jaishankar for his commitment to strengthening Maldives-India relations, and Indian High Commissioner to the Maldives, Munu Mahawar, for his efforts in maintaining the close ties between the two nations.
Reflecting on his previous visit to India to attend Prime Minister Modi’s oath-taking ceremony, Muizzu expressed his appreciation for the hospitality and the discussions aimed at furthering bilateral relations. He assured that his administration would continue to work closely with India to elevate the historical ties between the two nations.
