India gives US$ 500 m to Maldives for major infra project |
India is rightly focusing its foreign policy on the neighbourhood and expanding ties with South Asian countries. Over the years, countries especially in the Indian Ocean, namely the Maldives and Sri Lanka, had been wooed by China with financial assistance for major infrastructure projects that could boost the economies of those countries and generate employment. With the return of democracy in the Maldives in 2018, India announced more than $ 1 billion worth of projects through financial aid. New Delhi has further expanded the package for Maldives on 13th August 2020 with the announcement of major infrastructure development projects that include a $ 500 million Greater Malé Connectivity Project (GMCP). This is billed as the largest ever infrastructure project in the country. India`s External Affairs Minister Dr. S Jaishankar, after a meeting with his counterpart Abdulla Shahid, also announced the creation of an air bubble with the Maldives to facilitate movement of people from both sides for employment, tourism and medical emergencies. Maldives is the first neighbouring country with which an air bubble is being operationalised. India will support implementation of GMCP through a financial package comprising a grant of $100 million and a new Line of Credit of $400 million.
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