India announced $1.4 Billion Aid to Maldives

Today PM Modi made the announcement after talks with Maldives’ new president Mohamed Ibrahim Solih, who is trying to reset ties with India; the financial assistance of $1.4 billion to the Maldives. PM Modi made the announcement after talks with Maldives’ new president, Mohamed Ibrahim Solih, who defeated the pro-China ex-president Abdulla Yameen in an election which resulted in October and is trying to reset ties with India.

PM Modi said that-India stood ready to help the Maldives as a close friend and neighbour and also stated that-he had discussed regional security with President Solih and both had agreed not to allow each other’s territory to be used against the other.

“For Maldives’ social and economic development we are providing a financial assistance of $1.4 billion in the form of budgetary support, currency swap agreements and concessional lines of credit”- said during a brief media appearance with Maldives President Solih.

Both India and China have been trying to build regional influence in the Maldives and other Indian Ocean countries such as Sri Lanka that lie along vital shipping lanes.

Later, President Solih said that the- Maldives and India had signed agreements to cooperate on trade,health and defence. India would help improve Maldives’ security through joint patrols as well as aerial surveillance-according to officials.

News sources stating that-India’s big worry has been that China’s expansive diplomacy in the region was aimed at securing an outpost on an island in the Maldives.

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