India's currency swap for Maldives: USD 400 million and INR 30 billion
Background
On 7 October 2024 India and Maldives issued the vision document 'India and Maldives: A Vision for Comprehensive Economic and Maritime Security Partnership'.
India is providing USD 400 million and INR 30 billion through a bilateral currency swap agreement.
India will fully support timely completion of the Greater Malé Connectivity Project, with a study on extending the link to Thilafushi and Giraavaru.
India is helping develop Hanimaadhoo airport.
The RuPay card was launched in Maldives, and the two sides will begin discussions on a bilateral Free Trade Agreement.
In plain words
Currency swap Bilateral currency swap — An arrangement letting one central bank draw foreign currency in exchange for its own.
GMCP Greater Malé Connectivity Project — An India-supported link project connecting Malé with nearby islands.