Saudi Fund for Development Grants USD 150 Million Loan to Maldives
The Saudi Fund for Development (SFD) has extended an additional USD 150 million in loan assistance to the Maldives to develop Velana International Airport (VIA) and the health sector.
Minister Dr. Mohamed Shafeeq and @SaudiFund_Dev CEO Mr. Sultan Al-Marshad today signed loan agreements providing an additional USD 100 million for the Expansion and Upgrading of the VIA Project, and USD 50 million for the Health Sector Development Project. pic.twitter.com/Uu1EwRL6fb
— Ministry of Finance (@MoFmv) May 16, 2024advertisement
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The loan agreement was formalised during a ceremony at the Finance Ministry on Thursday, attended by Finance Minister Dr. Mohamed Shafeeg, Islamic Minister Dr. Mohamed Shaheem Ali Saeed, senior Maldivian officials, and an SFD delegation.
Dr Shafeeg signed on behalf of the Maldivian government, while CEO Sultan bin Abdul Rahman Al-Marshad represented SFD.
Al-Marshad stated that USD 100 million of the loan is allocated for the VIA development project, which, upon completion, is expected to boost the Maldives’ economy and tourism sector. The remaining USD 50 million will be used to enhance the health sector by constructing 150-bed hospitals on three islands, significantly improving healthcare services for residents.
In his address, Minister Shafeeg expressed gratitude for SFD’s longstanding support, noting its critical role in helping the Maldives, particularly during the recovery from the 2004 Great Tsunami. The Maldives first received SFD assistance in the 1970s for initial airport development, and support has since been extended across various sectors.
With this latest loan, SFD’s total financial assistance to the Maldives reaches USD 470 million. Earlier, Al-Marshad met President Dr. Mohamed Muizzu, reaffirming SFD’s ongoing commitment to the Maldives.
