Saudi Fund Grants $150 Million in Loans for Maldives

The first loan, amounting to $100 million (MVR 1.5 billion), will fund the expansion of the Velana International Airport (VIA) terminal. The second loan, worth $50 million (MVR 770 million), is allocated for the development of the Maldives' health sector.

These loans, which were previously announced by the SFD in October, were formalized today with the signing of agreements by Maldives' Finance Minister Dr. Mohamed Shafeeq and SFD CEO Sultan bin Abdul Rahman Al-Marshad, who is visiting the Maldives.

At the signing ceremony, Minister Shafeeq highlighted the SFD's long-standing support for Maldives' infrastructural projects, noting their crucial role in recovery efforts following the 2004 tsunami. He expressed hopes for continued support from the SFD for future development initiatives.

The SFD has now provided a total of $200 million (MVR 3 billion) for the expansion of VIA, including a previous $100 million loan in 2016. SFD CEO Al-Marshad reiterated the Fund's commitment to aiding various projects in the Maldives, including in the airport, health, housing, and other infrastructure sectors.

He projected that the latest investment would help increase VIA's capacity to 7 million passengers. The SFD has been involved in airport development since 1978, contributing a total of $285 million across six loans.

The $50 million health sector loan will be used to construct three hospitals, each with a capacity of 150 beds, aimed at improving healthcare access and quality for island residents. CEO Al-Marshad expressed optimism that this investment would significantly enhance healthcare services in the Maldives.