India, Maldives sign currency swap agreement, to initiate talks on FTA

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India, Maldives sign currency swap agreement, to initiate talks on FTA - Business Standard

Quick Summary:

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of USD 400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank's buyer's credit facilities.