Loan agreement of $8.4 million signed for new hospital in Addu

The government has signed a loan agreement of $8.4 million (MVR129.5 million) with OPEC Fund for International Development (OFID), to build a 100-bed hospital in Hithadhoo, Addu City.

The Hithadhoo Regional Hospital project, which was announced last year, has also received aid from the Saudi Fund.

The ceremony to sign the loan agreement was held this morning at Ministry of Finance.

The agreement was signed by OFID Director General Suleiman Jasir Al-Herbish, and Finance Minister Abdullah Jihad.

Jihad told Sun Online after the signing ceremony that the interest rate of the loan is 4.5 percent, and that it should be repaid within twenty years.

He said that Health Ministry will make the announcement next week in search of contractors for the construction of the hospital.

The government signed a loan agreement of $12.5 million (MVR192.7 million) with Saudi Fund for the same project last November, which has an interest rate of five percent, and should be repaid in twenty years.