India gives 25 million dollar additional credit to Maldives

New Delhi, May 15 (PTI) India has extended an additional release of USD 25 million from the Standby Credit Facility to Maldives and said it was committed to assisting the country in its development efforts by providing economic and technical assistance. Prime Minister Manmohan Singh, during his meeting with Maldivian President Mohamed Waheed, underlined that the peace and stability of Maldives was of great importance to India. He reiterated India's willingness to assist the government and people of Maldives in their endeavours to build a stable, peaceful and prosperous country. "He emphasised the importance of all political stakeholders in Maldives working together to take the democratic process forward," a joint statement released Monday said. Waheed, who is here on his first foreign visit since becoming the President in a tumultuous regime change, expressed appreciation for the USD 40 million Line of Credit for construction of 500 housing units that was extended last year and it was agreed that work on the same would commence at the earliest. The President conveyed appreciation for the release of an instalment of USD 20 million from the Standby Credit Facility from India in February, 2012, as well as the rollover of the USD 50 million SBI Treasury Bonds by a year. "The President of Maldives also thanked the Prime Minister of India for agreeing to an additional release of USD 25 million from the Standby Credit Facility to the government of Maldives," the statement said. India had in November extended a USD 100 million Standby Credit Facility to the Maldives in support of economic stability. Both sides reiterated their commitment to uphold all bilateral agreements and understandings reached during the visit of Singh to Maldives in November 2011, it said. PTI