Saudi to be biggest financial contributor to Maldives in 2019

In this photo released by Saudi Press Agency, SPA, Saudi King Salman waves during his visit to Qassim province in Qassim, Saudi Arabia, Wednesday, Nov. 7, 2018. (Saudi Press Agency via AP)

Projected State budget for 2019 shows the financial aid pledged by Saudi Arabia will be the largest contribution by a single foreign State Maldives will receive in the coming year.

Ministry of Finance and Treasury wrote in the budget that Maldives will receive a projected USD 1 billion in non-reimbursable financial aid from its bilateral partners. Saudi Arabia is the biggest single contributor with its pledged MVR 169 million.

It has also been projected Maldives will receive an additional MVR 1 billion in loan aid from its bilateral partners. The biggest loan aid from a single foreign State is also expected to come from Saudi Arabia with the projected MVR 613 million in loan aid.

Saudi Arabia has, and continues to fund a number of projects in Maldives, including the King Salman Mosque. King Salman Mosque, once complete will be the biggest mosque in Maldives. It is fully funded by the Saudi Arabian government.