Saudi Fund for Development (SFD) Chief Executive Officer (CEO) Sultan bin Abdulrahman Al-Marshad signed two development loan agreements today with Maldives Minister of Finance Dr. Mohamed Shafeeq.
The agreements aim to contribute to financing two projects in the Maldives: the Velana International Airport development project, with a value of $100 million, and the health sector development project, with a value of $50 million.
The SFD chief also participated in the partial opening of the Hulhmale Island development project, which the fund is contributing to financing through a development soft loan worth $80 million.
Saudi Ambassador to the Maldives Matrek bin Abdullah Al-Ajalin was present at the signing.
The Velana International Airport development project includes the construction of an airline lounge building for international and domestic flights, a sea lounge, and an increase in the airport’s capacity to accommodate 7 million passengers annually.
The goal is to facilitate passenger movement, improve air cargo services and commercial activities, and create expansion capabilities to reach 15 million passengers annually, ultimately enhancing commercial growth and economic prosperity in the Maldives.
The loan adds to five previous loans provided by the fund since 1978, totaling approximately $225 million.
The second agreement aims to finance a health-sector development project to improve healthcare standards in the Maldives. The project involves the establishment of three hospitals on three islands with a total clinical capacity of 150 beds.
It is expected to enhance health services for the Maldives' residents, limit the spread of diseases and epidemics, and facilitate access to treatment.
The Hulhmale Island development project includes the construction of a sea canal for boat transportation, the building of four bridges, and the construction of two ports along with beach protection works.
The project is anticipated to create 160,000 job opportunities on the island, contributing to social and economic development and supporting vital opportunities for development, knowledge, and capacity building.
Since 1978, the SFD has supported the Maldives through financing development projects and programs.
To enhance infrastructure in the Maldives, the fund has provided 16 development soft loans, totaling more than $470 million, to various sectors, including transport, communications, water and sanitation, and health.
