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Saudi Fund to provide USD 150 million loan for two projects

May 18, 2024, 12:03 PM

An agreement was signed on Friday to provide a USD 150 million loan from the Saudi Fund to complete two projects in the Maldives.

The loan agreement was signed by Finance Minister Dr. Mohamed Shafeeq and Saudi Fund CEO Sultan Abdul Rahman Al-Marshad.

Under the agreement, the Saudi Fund will provide USD 100 million for the completion of the Velana International Airport (VIA) terminal and USD 50 million for the development of the health sector.

The Saudi Fund has so far provided loans worth USD 470 million for 16 projects in Maldives. Some of these projects have already been completed.

The CEO of the Saudi Fund met with President Dr. Mohamed Muizzu on Thursday and assured continued assistance for the development of Maldives.

Finance Ministry Saudi Arabia Maldives-Saudi relations

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