6.3. Economic and Development Cooperation

♤ India is a leading development partner and has established many of the leading institutions of Maldives including the Indira Gandhi Memorial Hospital (IGMH), Faculty of Engineering Technology (FET) and Faculty of Hospitality & Tourism Studies (IMFFHTS).

♤ Currently, India has provided US $ 100 million Stand-by Credit facility (SCF) to Maldives, including long-term loans and revolving credit for trade.

♤ Under new Line of Credit worth US$40 million offered by the Government of India to Maldives, the Overseas Infrastructure Alliance (OIA) of India has been given a contract to construct 485 housing units in Maldives.

♤ India and Maldives signed a trade agreement in 1981, which provides for export of essential commodities. Growing from modest beginnings, India-Maldives bilateral trade stood at Rs.700 crores (MEA, 2015).