India has granted another USD 25 million to the Maldives in addition to the USD 100 million credit facility agreed during Prime Minister Manmoham Singh's visit to this country last year.
An agreement in this regard was signed by Indian High Commissioner D M Mulay and maldivian Minister of Finance Abdulla Jihad at the Indian High Commission here. The addendum amends the original agreement between the two countries on the USD 100 million Standby Credit facility.
The additional USD 25 million will come as fiscal support for the country. "The additional Indian fiscal support to the Government of Maldives is expected to be made available shortly," said a statement from the High Commission.
During Singh's visit to Maldives last, India and Maldives had signed an agreement wherein the Indian side agreed to extend a USD 100 million credit facility to Maldives to be operated through the State Bank of India (SBI) in Male.
While USD 50 million from the credit was earmarked for import of goods and services from India, the other USD 50 million to be utilised as deemed appropriate by the Government of Maldives.
India had released a sum of USD 50 million in two installments of USD 30 million in 2011 and another USD 20 million in February this year.
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