Minister of Finance and Public Enterprises Hassan Zareer received Indian High Commissioner to the Maldives H.E. Shri G. Balasubramanian for a courtesy call on Sunday.
Discussions focused on development projects supported through the Government of India’s Lines of Credit and potential initiatives aimed at advancing the Maldives’ economic development.
The meeting highlighted the importance of maintaining close coordination between the two governments to ensure the timely implementation of major projects financed through the Export-Import Bank of India.
India’s principal development credit facilities for the Maldives include a US$800 million Line of Credit signed in 2019 and an additional US$100 million facility announced in 2022 to support infrastructure projects.
In July 2025, the Maldives and India signed a new ₹48.5 billion umbrella Line of Credit, valued at approximately US$565 million, between the Maldivian Government and the Export-Import Bank of India. The facility is intended to support priority projects in sectors including housing, healthcare, education, sports and defence.
The three principal development LoC commitments signed or announced since 2019 have a combined headline value of approximately US$1.465 billion. This figure does not include separate Indian grants, currency-swap arrangements or Exim Bank buyer’s-credit facilities supporting housing projects.
Major ongoing projects include the Greater Malé Connectivity Project, which will connect Malé, Villimalé, Gulhifalhu and Thilafushi through a 6.74-kilometre bridge and causeway network. The US$500 million project is financed through a US$400 million Exim Bank Line of Credit and a US$100 million Indian grant and had reached approximately 75 per cent completion.
Other ongoing LoC-supported works include the US$21.9 million expansion of the Felivaru fish-processing facility, which is nearing completion, and the US$29.11 million redevelopment of Gan International Airport.
India’s infrastructure assistance has also supported the redevelopment of Hanimaadhoo International Airport, roads and drainage systems in Addu City, land reclamation and shore protection, water and sewerage networks across the islands, fisheries infrastructure and thousands of social housing units.
The latest discussions are expected to support closer monitoring of the remaining projects and identify further initiatives aligned with the Maldives’ economic and infrastructure priorities.
