Minister of Finance and Public Enterprises Hassan Zareer has discussed development challenges faced by the Maldives and opportunities for financing strategic infrastructure development initiatives of the government with the Chief Executive Officer of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad.
The discussions took place during a courtesy call by the CEO on the minister.
During the meeting, discussions focused on strengthening development cooperation between the Maldives and Saudi Arabia and securing SFD financing for the government’s priority infrastructure projects, including those aimed at economic growth and improving essential services. Minister Zareer thanked SFD for its long-term assistance and continued partnership with the Maldives.
SFD has supported the Maldives since 1978, providing 17 loans for 14 projects, totalling more than USD 488 million. The first project for which SFD provided a loan was the development of Male’ International Airport. SFD’s assistance over the years has covered areas including transport, health, housing and urban development. The largest SFD investment to date is the expansion and development of Velana International Airport, for which around USD 217 million was provided. SFD has also allocated USD 50 million to health-sector development and funding for infrastructure development.
Established in 1974, SFD is Saudi Arabia’s main agency for international development assistance. The Fund aims to provide financial assistance to critical projects in developing countries to support their economic and social development.