Saudi Fund For Development Signs $17 Million Loan Agreement To Boost Maldives' Transport And Housing Sectors

The Saudi Fund for Development (SFD) has furthered its commitment to the Maldives by signing a $17 million loan agreement. Sultan Al-Marshad, CEO of SFD, and Moosa Zameer, Maldives' Minister of Finance and Planning, formalised this deal. This funding will support the Velana International Airport Project, increasing SFD's total investment to $217 million.

This agreement focuses on constructing terminal buildings for both international and domestic flights, alongside a seaplane terminal. The project aims to boost the airport's capacity to handle up to 7 million passengers annually. It also plans for future expansions to accommodate 15 million passengers each year, enhancing economic growth and global connectivity.

Al-Marshad also attended the groundbreaking ceremony for an Affordable Housing Project in the Maldives. This initiative is backed by a $25 million concessional development loan from SFD. The project will deliver over 400 integrated housing units, benefiting more than 2,700 people with essential infrastructure and services.

The housing project aims to improve living conditions while enhancing resilience against natural disasters like cyclones and floods. It seeks to promote economic and social development within local communities. These efforts align with SFD's dedication to sustainable development in the Maldives.

Since 1978, SFD has been instrumental in supporting the Maldives through 17 development loans. These have financed 14 significant projects across various sectors such as transportation, water and sanitation, health, and infrastructure. The total value of these projects exceeds $488 million.

SFD's Long-term Commitment

SFD's initiatives reflect its commitment to fostering prosperity and resilience for the Maldivian people. By investing in critical sectors, SFD aims to enhance the quality of life and support sustainable growth in the region.

With inputs from SPA