New Delhi: India declared a US $500 million credit extension to Mauritius on Saturday as the two nations made plans to develop ties in a scope of regions including the maritime area.

The two nations additionally consented to a maritime security arrangement after broad talks between Prime Minister Narendra Modi and his Mauritian partner Pravind Jugnauth.

“#IndiaMauritius – New Vistas for a Futuristic Partnership,” External Affairs Ministry spokesperson Gopal Baglay tweeted.

The credit extension agreement was marked between SBM Mauritius Infrastructure Development Co. Ltd and Export-Import Bank of India.

In a statement, Modi said he and Jugnauth agreed that effective management of conventional and non-conventional threats in the Indian Ocean is essential to pursue economic opportunities. The bilateral maritime accord will strengthen mutual cooperation and capacities, he said.

A total of four agreements were signed after the talks between the two leaders. “The agreement today on the US $500 million line of credit to Mauritius is a good example of our strong and continuing commitment to the development of Mauritius,” the PM Modi said.

“India is proud to participate actively in the ongoing development activities in Mauritius,” Modi added further.

The ISA, propelled at the UN Conference of Parties (CoP) climate summit in Paris on November 30, 2015, by Prime Minister Modi and afterward French President Francois Hollande, is considered as a coalition of solar based asset rich nations to address their exceptional energy needs and give a stage to work together on managing the distinguished holes through a typical, concurred approach.

It is interested in each of the 121 imminent part nations falling between the Tropics of Cancer and Capricorn.

Jugnauth landed in India on Friday on a three-day state visit to. This is Jugnauth’s first visit abroad since accepting office this January.

With the inputs of PTI.