Saudi Fund for Development (SFD) has provided a total of USD488 million to finance the economic and social development of the Maldives, Chief Executive Officer of SFD, Sultan bin Abdulrahman Al-Murshid said Monday.
The CEO made these remarks after officially signing the second additional loan agreement for the expansion of Velana International Airport (VIA) worth USD 18.61 million.
Speaking during the ceremony, Sultan bin Abdulrahman Al-Murshid noted that SFD’s commitment to the development of the Maldives began in 1978 with its first loan to develop the then Male’ International Airport.
Since then SFD has provided 17 different loans to fund various projects to fuel the economic and social development of the Maldives, he said.
“Since then the Saudi Fund for Development has provided 17 loans for 14 different projects totalling USD488 million,” Sultan bin Abdulrahman Al-Murshid added.
This collaboration builds on a long-standing relationship between the Maldives and the SFD. Over the years, the fund has provided much needed financial support spanning critical sectors such as transportation, healthcare, housing, and fisheries.
With the additional funding in place for the VIA expansion project, the finance ministry has expressed optimism regarding the project's accelerated timeline, highlighting its potential to generate profound economic benefits for the Maldives.
Upon completion, the finance ministry stated, the expanded airport is set to transform the nation's connectivity by accommodating a greater number of tourists and airlines. This capability is projected to significantly bolster tourism and commerce, catalysing growth in related industries.