Tag: maldives

Union Cabinet approves Memorandum of Understanding between India and Maldives in the field of sustainable urban development

The Union Cabinet on Wednesday approved a Memorandum of Understanding (MoU) signed between the Ministry of Housing and Urban Affairs (MoHUA), Government of India and Ministry of National Planning, Housing and Infrastructure, Government of Maldives on cooperation in the field of Sustainable Urban Development. The MoU comes into effect on the date of signing by the two contracting parties i.e. 20th February, 2021 and will remain in force for indefinite period.

The PIB press release stated that a Joint Working Group (JWG) will be constituted to strategize and implement programmes on cooperation under the framework of the MoU. The Joint Working Group will meet once in a year, alternately in Maldives and in India.

The MoU will promote strong, deep and long-term bilateral cooperation in the field of Sustainable Urban Development between the two countries. The MoU is expected to create employment in the areas of sustainable urban development including Urban Planning, Smart Cities Development, Solid waste management, Affordable housing, Urban Green Mobility, Urban Mass Rapid Transport, Smart Cities Development.

The objectives of the MoU are to facilitate and strengthen India-Maldives technical cooperation in the field of sustainable urban development including Urban Planning, Smart Cities Development, Solid waste management, Affordable housing, Urban Green Mobility, Urban Mass Rapid Transport, smart cities development and any other related area mutually agreed by contracting parties.

Cabinet approves Opening of a new Consulate General of India in Addu City, Maldives

The Union Cabinet  has approved the opening of a new Consulate General of India in Addu City, Maldives in 2021. India and Maldives share ethnic, linguistic, cultural, religious and commercial links steeped in antiquity. Maldives occupies an important place in the ‘Neighbourhood First Policy’ and the ‘SAGAR’ (Security and Growth for All in the Region) vision of the Government of India.

Opening of a Consulate General in Addu City will help augment India’s diplomatic presence in Maldives and make it commensurate with the existing and aspired level of engagement. The momentum and energy in the bilateral relationship has reached unprecedented levels under the leadership of Prime Minister Modi and President Solih.

This is also a forward-looking step in pursuit of our national priority of growth and development or ‘SabkaSaathSabka Vikas’. Augmentation of India’s diplomatic presence will, inter-alia, provide market access for Indian companies and bolster Indian exports of goods and services. This would have a direct impact in augmenting domestic production and employment in line with our goal of a self-reliant India or ‘Atmanirbhar Bharat’.

INDIA EXTENDS 250 MILLION DOLLARS SUPPORT TO MALDIVES TO OVERCOME ECONOMIC IMPACT OF COVID-19

India has provided financial assistance of 250 million dollars as budgetary support to the Maldives government to mitigate the economic impact of the COVID-19 pandemic. A handover ceremony was held today at the Ministry of Foreign Affairs, Maldives government to mark the occasion. Maldives Foreign Minister Abdulla Shahid, Finance Minister Ibrahim Ameer, High Commissioner Sunjay Sudhir and CEO, SBI, Male Bharat Mishra were present on the occasion. Speaking on the occasion in Hindi, the Maldives
Foreign Minister said, India has proved to be a great friend during this difficult time of pandemic. The 250 million dollar budgetary support was a response to the request made by Maldives President Ibrahim Mohamed Solih to Prime Minister Narendra Modi for financial assistance to overcome the difficult economic situation in the Maldives. AIR correspondent reports it is being provided under the most favourable terms possible to the Government of Maldives. India has provided substantial and continued assistance to the Maldives during the COVID-19 pandemic. The budgetary support of 250 million idollars has been extended without conditions. Maldives government is at liberty to use the money in repairing the domestic economic situation in line with its own priorities. The
financial assistance is being routed through SBI, Male so that it does not reflect in the external borrowings of the Maldives. Indian government has provided a sovereign guarantee to SBI for this financial assistance. The soft loan has a comfortable tenor of 10 years and a very low interest rate. Since the principal payment is due only at the end of 10 years, it will not put any immediate debt servicing liability other than bi-annual interest payment. Maldives is the only country to which India has provided such assistance.

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