India provides $100 million financial assistance to Maldives

Tags: Economy/Finance International News

The Union External Affairs Minister S.Jaishankar virtually handed over the assistance amount of $100 million to Maldives in a ceremony held on 29 November 2022.

The Indian government assistance is in the form of budgetary support to help Maldives deal with its economic problems. Maldivian economy which is heavily dependent on tourism is facing severe economic crisis as covid related restriction has badly affected its economy.

The assistance being extended to Maldives is without any terms and conditions and Maldives is free to use it in its economic recovery. 

India and Maldives have a close political relationship. During the visit of the Maldivian President Ibrahim Mohamed Solih in August this year the Prime Minister had announced an additional $100 million loan to Maldives for construction of 2000 new social housing units there.

India has also provided $ 500 million loan to Maldives for the Greater Male Connectivity Project. 

Republic of Maldives 

Maldives is an archipelago consisting of around 1200 coral islands and atolls. It is part of South Asia and is situated in Indian Ocean 

The 8 degree channel separates Maldives from India.

Capital: Male 

Currency: Rufiyaa

President: Ibrahim Mohamed Solih