Male, July 25 -- India has signed a Memorandum of Understanding (MoU) to extend a Rs 4,850 crore line of credit to the Maldives, continuing its long-standing tradition of supporting the developmental needs of the South Asian nation, the Ministry of External Affairs (MEA) said on Friday.

The announcement came after a bilateral meeting between Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu during PM Modi's two-day visit to the Maldives as the Guest of Honour for the country's 60th Independence Day celebrations.

Foreign Secretary Vikram Misri, addressing a press briefing, said that this will be the first line of credit extended to the Maldives denominated in Indian rupees, replacing the earlier dollar-denominated credi...