The Maldives has secured significant financial support from the Saudi Fund for Development (SFD) to bolster its infrastructure and healthcare sectors. Loan agreements for these crucial projects were signed in a ceremony held at the Ministry of Finance.
The agreements were formalized between the Government of Maldives and the Saudi Fund for Development, with Dr. Mohamed Shafeeg, Minister of Finance, signing on behalf of the Maldivian government. Representing the Saudi Fund for Development was its Chief Executive Officer, H.E. Sultan bin Abdul Rahman Al-Marshad.
One of the key agreements includes a $100 million loan dedicated to the development of Velana International Airport. This substantial funding aims to enhance airport facilities, increase capacity, and improve the overall travel experience for both tourists and residents. The development of Velana International Airport is crucial for supporting the Maldives' tourism-driven economy.
Another pivotal agreement involves a $50 million loan to advance the health sector in the Maldives. This investment will be directed towards improving healthcare services across the islands, ensuring better access and infrastructure for Maldivian citizens. The enhancement of the health sector is expected to have a profound impact on the quality of life and well-being of the population.
During the signing ceremony, CEO Sultan bin Abdul Rahman Al-Marshad emphasized the importance of these loans as part of the ongoing collaboration between the SFD and the Maldives. He noted that the $100 million loan for Velana International Airport is an extension of the support already provided by the SFD, reflecting a long-standing partnership. Additionally, he highlighted that the $50 million allocated to the health sector aims to significantly improve healthcare services throughout the nation.
The Saudi Fund for Development has been a steadfast partner of the Maldives, with a history of contributions dating back to 1978 when it aided in the initial development of the international airport. This enduring relationship continues to play a vital role in the nation's development, supporting essential projects that drive progress and prosperity.
The agreements were formalized between the Government of Maldives and the Saudi Fund for Development, with Dr. Mohamed Shafeeg, Minister of Finance, signing on behalf of the Maldivian government. Representing the Saudi Fund for Development was its Chief Executive Officer, H.E. Sultan bin Abdul Rahman Al-Marshad.
One of the key agreements includes a $100 million loan dedicated to the development of Velana International Airport. This substantial funding aims to enhance airport facilities, increase capacity, and improve the overall travel experience for both tourists and residents. The development of Velana International Airport is crucial for supporting the Maldives' tourism-driven economy.
Another pivotal agreement involves a $50 million loan to advance the health sector in the Maldives. This investment will be directed towards improving healthcare services across the islands, ensuring better access and infrastructure for Maldivian citizens. The enhancement of the health sector is expected to have a profound impact on the quality of life and well-being of the population.
During the signing ceremony, CEO Sultan bin Abdul Rahman Al-Marshad emphasized the importance of these loans as part of the ongoing collaboration between the SFD and the Maldives. He noted that the $100 million loan for Velana International Airport is an extension of the support already provided by the SFD, reflecting a long-standing partnership. Additionally, he highlighted that the $50 million allocated to the health sector aims to significantly improve healthcare services throughout the nation.
The Saudi Fund for Development has been a steadfast partner of the Maldives, with a history of contributions dating back to 1978 when it aided in the initial development of the international airport. This enduring relationship continues to play a vital role in the nation's development, supporting essential projects that drive progress and prosperity.
