India’s ‘strategic patience’ with Maldives appears to pay off – are they allies again?

“India has consistently acted as the first responder for the Maldives,” Modi said.

“To provide strategic direction to our mutual cooperation, we have adopted the vision of the Comprehensive Economic and Maritime Security Partnership. Development partnership is a key pillar of our relationship. And we always give preference to the priorities of Maldivian people in this context.”

Under the currency swap agreement, companies from both countries can do business with each other in local currencies rather than US dollars.

Delhi also said it would help develop a commercial port at Thilafushi Island, located off Male, to ease shipping congestion in the Maldives.