India and Maldives Sign 8 Deals Covering Finance and Fisheries Sectors

India and the Maldives on Friday signed eight key agreements across various sectors, such as finance, fisheries, digital infrastructure, and health, in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu in Malé.

The agreements include an additional Line of Credit of Rs. 4,850 crore (approx. $550 million), modification of previous debt repayment terms, cooperation in fisheries and aquaculture, digitalization, Unified Payments Interface (UPI), Indian pharmacopoeia, and an envisaged Free Trade Agreement (FTA).

Prime Minister Modi reaffirmed India's commitment to its "Neighbourhood First" and Vision MAHASAGAR policies in high-level talks, reaffirming a Comprehensive Economic and Maritime Security Partnership. The two leaders also touched upon increasing collaboration in infrastructure, health, capacity building, climate action, and defence, particularly under the Colombo Security Conclave.

President Muizzu recognized India's status as the Maldives' "First Responder" when in distress. The leaders welcomed projects such as the adoption of UPI, RuPay card acceptance, and local currency trade to further economic integration and facilitate tourism through digital infrastructure.

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Leaders opened community development initiatives, such as roads and Addu City drainage, and the transfer of 3,300 housing units and 72 motor vehicles for defence and immigration agencies. Two Aarogya Maitri Health Cubes were also donated, capable of enhancing emergency healthcare services for up to 200 casualties.

Leaders planted mango saplings, respectively, under their national tree-planting campaigns, as symbols of common environmental commitment.

The meeting also coincided with the 60th anniversary of the independence of the Maldives and diplomatic relations with India. Prime Minister Modi thanked the warm hospitality and reiterated India's consistent support for the peace and progress of the Maldives.