India-Maldives sign $50 million defence deal

India and the Maldives yesterday signed a $50 million defence Line of Credit (LoC) agreement to boost maritime capabilities of the strategically-located Indian Ocean island nation. The signing of the agreement took place after Indian External Affairs Minister S Jaishankar held talks with several Maldivian ministers including its Defence Minister Mariya Didi. "A $50 million-dollar credit line agreement between the government of Maldives and EXIM Bank India was signed for defence projects," said a joint statement as visiting Indian external affairs minister ended his two-day visit to the Maldives.