India Extends Budgetary Support To Maldives With USD 50 Million Treasury Bill
Date
5/14/2024 4:32:09 AM
(MENAFN- KNN India) New Delhi, May 14 (KNN) India has decided to continue its budgetary support to the Maldives government by rolling over a USD 50 million treasury bill for another year.
The move comes after a special request from Maldivian Foreign Minister Moosa Zameer during his visit to India last week.
The State bank of India (SBI) has subscribed to the USD 50 million Government Treasury Bill issued by the Maldives' Ministry of Finance for one more year upon the maturity of the previous subscription.
This unique government-to-government arrangement allows Maldives to secure interest-free budgetary support from India.
Zameer expressed gratitude to Indian External Affairs Minister S. Jaishankar and the Indian government for this "true gesture of goodwill" that signifies the long-standing friendship between the two countries.
According to the Maldivian Foreign Ministry, the treasury bill rollover was requested by Zameer during his official bilateral visit to India from May 8-10.
India's decision came after discussions between Zameer and Jaishankar on expediting various infrastructure and community development projects underway in Maldives with Indian assistance.
Several projects are being built in Maldives under the Exim Bank of India's USD 800 million line of credit, with some key projects set for inauguration in the coming months.
In August 2022, India had announced financial assistance of over USD 250 million for Maldives, one of the main beneficiaries of India's 'Neighbourhood First' policy.
The two countries signed six agreements last year, including on cybersecurity and a network of police facilities in Maldives. India also provided an additional USD 100 million in financial aid in November 2022.
(KNN Bureau)
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