India will provide a financial assistance of $1.4 billion to the Maldives, Prime Minister Narendra Modi said on Monday during a press conference with the visiting president of the South Asian archipelago.

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"For Maldives' social and economic development we are providing a financial assistance of $1.4 billion in the form of budgetary support, currency swap agreements and concessional lines of credit," Modi said.

Mohammed Ibrahim Solih, who won a surprise election in September, is trying to reset ties with regional power India after the previous president drew the Maldives closer to China.