SFD provides additional loan assistance of USD 150M, total aid at USD 470

Saudi Fund for Development (SFD) has provided an additional USD 150 million in loan assitance to develop Velana International Airport (VIA) and the health sector.

The loan agreement was signed during a special ceremony held at the Finance Ministry on Thursday. The ceremony was attended by Finance Minister Dr. Mohamed Shafeeg, Islamic Minister Dr. Mohamed Shaheem Ali Saeed, senior officials from the Maldivian government and a delegation representing SFD.

Finance Minister Shafeeg signed the agreement on behalf of the Maldivian government while CEO Sultan bin Abdul Rahman Al-Marshad on behalf of SFD.

Speaking at the ceremony, Al-Marshad said USD 100 million was being provided for the VIA development project, adding the completion of the project will see the Maldives’ economy and tourism sector expand further.

Meanwhile, the remaining USD 50 million was provided to develop the health sector. As per Al-Marshad, the funds will be utilized to build hospitals with a capacity of 150 beds in three islands. He noted that the hospitals will pave way for quality healthcare services for the islanders.

Minister Shafeeg also spoke at the ceremony, during which he recognized the assistance rendered to the Maldives by SFD, and as such, extended gratitude.

Maldives first received assistance from SFD in the 1970s, to develop the airport initially, Aid has flown in for all sectors since then.

Shafeeg, in his remarks, noted the significant assistance provided by SFD to overcome the damages recorded by the country in the Great Tsunami of 2004.

With the new USD 150 million in loan assistance, SFD has provided a total of USD 470 million in financial assistance to the Maldives.

Al-Marshad paid a courtesy call on President Dr. Mohamed Muizzu earlier today, during which he assured SFD’s continuous support to the Maldives.