Maldives, Friday 17 May 2024 - The Saudi Fund for Development (SFD) continues its commitment to the Republic of Maldives by inaugurating the Hulhumale Island Development project and signing two significant loan agreements.

The Chief Executive Officer of SFD, H.E. Sultan Al-Marshad, participated in the inauguration of the Hulhumale Island Development project, which was funded by SFD through a $80 million developmental loan. The project includes the construction of essential infrastructure such as bridges, sea ports, and coastal protection works, fostering social and economic development in the region, and aims to enhance the livelihoods of approximately 160,000 residents.

Following the inauguration, H.E. Sultan Al-Marshad signed two crucial agreements with Hon. Dr. Mohamed Shafeeq, the Minister of Finance of the Republic of Maldives. The first agreement involves a $100 million contribution towards the Expansion of Velana International Airport project, aiming to boost airport capacity, improve passenger services, and enhance commercial traffic, setting the stage for economic growth in the Maldives.

The second agreement, amounting to $50 million, is dedicated to the Health Sector Development project. This initiative seeks to elevate healthcare standards by establishing three hospitals across different islands within the Maldives with a total capacity of 150 beds, providing superior medical services and supporting public health initiatives.

Both events were graced by the presence of the Cabinet of Ministers of the Republic of Maldives, the Ambassador of the Kingdom of Saudi Arabia to the Maldives, H.E. Matrek Aldosari, and other officials from both sides, highlighting the strong partnership between the two nations in advancing development projects for the betterment of the Maldivian people.

With a history of supporting the Maldives since 1978, the Saudi Fund for Development has financed a total of 16 developmental loans, amounting to over $470 million, in sectors like air transport, healthcare, and infrastructure. Through these initiatives, the Fund underscores its commitment to fostering growth and prosperity in the Republic of Maldives.