Top officials review Indian grant-funded High Impact Community Development Projects in Maldives
| 2024-05-27
The progress of Indian grants-funded community development projects in Maldives was reviewed during a meeting held on May 16, 20
India is supporting the implementation of 65 community development projects worth MVR 360 million in the Maldives.
Meeting in Male on Sunday (May 26, 2024), senior officials from India and the Maldives held a detailed review of High Impact Community Development Projects (HICDPs) funded by grants from India. The review meeting was co-chaired by India’s High Commissioner to Maldives Munu Mahawar and Ambassador at Large, Maldives Ministry of Foreign Affairs Ahmed Naseer.
India is supporting the implementation of 65 community development projects worth MVR 360 million in the Maldives.
“India Maldives Review meeting co-chaired by HE Ahmed Naseer, Amb-at-large @MoFAmv and @AmbMunu to take stock of Indian grant-funded high impact community development projects #HICDP. India is supporting implementation of 65 community development projects worth MVR 360 million in Maldives,” the Indian High Commission in Maldives said in a post on social media platform X, formerly Twitter.
India’s Continuing Support to Maldives
Earlier this month, the Indian government extended its support to the Maldives by providing a budgetary aid package worth USD 50 million.
This was in the form of a rollover of a Treasury Bill, for an additional year, facilitated by the State Bank of India (SBI). The decision to extend this financial assistance was made in response to a request from Maldivian Foreign Minister Moosa Zameer during his recent official visit to India from May 8-10, 2024.
"State Bank of India has subscribed for one more year the USD 50 million Government Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription. These Government Treasury Bills are subscribed by SBI under a unique Government-to-Government arrangement at zero-cost (interest-free) to the Government of Maldives," the Indian High Commission in Maldives said in a statement on May 13, 2024.
"The continuation of subscription has been made at the special request of the Government of Maldives to secure budgetary support from the Government of India," the statement added.
Earlier, on April 5, 2024, India had decided to increase the quotas of several essential commodities exported to the Maldives. This included a 5% increase in the quota for items like eggs, potatoes, onions, sugar, rice, wheat flour, and dal. The Indian High Commission in Maldives said this marks the highest quotas since the bilateral trade agreement's inception in 1981. The Directorate General of Foreign Trade (DGFT) in India also confirmed that these exports would be exempt from any future export restrictions, reflecting a strong commitment to supporting the Maldives’ needs.
In addition to food products, the export quantities of river sand and stone aggregates crucial for the Maldives' construction industry have been increased by 25 percent to one million metric tonnes each. These adjustments are part of a unique bilateral mechanism designed to cater specifically to the developmental needs of the Maldives.
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