India's Modi announces $1.4 billion financial aid to Maldives

India's Modi announces $1.4 billion financial aid to Maldives
Maldives President Ibrahim Mohamed Solih and India's Prime Minister Narendra Modi shake hands ahead of their meeting at Hyderabad House in New Delhi, India, December 17, 2018. REUTERS/Adnan Abidi -
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NEWDELHI (Reuters) – India will provide a financial assistance of $1.4 billion to the Maldives, Prime Minister Narendra Modi said on Monday during a press conference with the visiting president of the South Asian archipelago.

“For Maldives’ social and economic development we are providing a financial assistance of $1.4 billion in the form of budgetary support, currency swap agreements and concessional lines of credit,” Modi said.

Mohammed Ibrahim Solih, who won a surprise election in September, is try to reset ties with regional power India after the previous president drew the Maldives closer to China.

(Reporting by Krishna N. Das; Editing by Sanjeev Miglani)

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