MALE: India on Sunday announced a US$250 million loan to the Maldives to boost its COVID-19-battered economy in a further bid to counter China's growing financial footprint in South Asia.
"The Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities," it said in a statement. Under former president Abdulla Yameen's administration, which was ousted in 2018 elections, the Maldives borrowed around US$1.4 billion from Beijing for expensive infrastructure projects, according to Solih's government.
The bond takes New Delhi's total pledged financial assistance to the Maldives to over US$2 billion since Solih came to power, according to India's foreign ministry.
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