April 14, 2025، Malé, Maldives
In the presence of His Excellency Dr. Mohamed Muizzu, President of the Republic of the Maldives, Mr. Sultan bin Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), signed a second development loan agreement today with His Excellency Mr. Moosa Zameer, Minister of Finance and Planning of the Maldives.
Valued at USD 17 million, the loan will support the expansion and development of the Velana International Airport Project, bringing SFD’s total financing for the project to USD 217 million. The signing ceremony was also attended by His Excellency the Vice President of the Republic of the Maldives Mr. Hussain Latheef, the Minister of State for Finance and Planning Mr. Hussain Sham Adam, the Deputy Ambassador of the Kingdom of Saudi Arabia to the Republic of the Maldives Mr. Fahad Aldossari, and other senior officials from both nations.
The project aims to construct terminal buildings for international and domestic flights, as well as a seaplane terminal. It is designed to increase the airport’s capacity to accommodate up to 7 million passengers annually, enhance operational efficiency, and meet the growing demand for travel and tourism. Additionally, the project will prepare the facility for future expansion to handle up to 15 million passengers per year, contributing to economic growth and global connectivity.
In a related event, Mr. Al-Marshad also participated in the groundbreaking ceremony for the Affordable Housing Project, alongside the Maldivian Minister of Finance and Planning Mr. Mossa Zameer and the Minister of State for Construction, Housing, and Infrastructure Mr. Ibrahim Nazeem. The project is being financed through a USD 25 million concessional development loan from SFD.
The project aims to provide more than 400 fully integrated housing units, benefitting over 2,700 individuals, and includes the development of essential infrastructure and services to ensure suitable and sustainable living conditions. It also seeks to enhance resilience against natural disasters such as cyclones and flooding, while promoting economic and social development within local communities.
These efforts form part of the Saudi Fund for Development’s ongoing commitment to advancing sustainable development in the Republic of the Maldives. Since 1978, SFD has provided 17 development loans, financing 14 key projects and programs with a total value exceeding USD 488 million. These projects span critical sectors such as transportation, water and sanitation, health, and infrastructure, reflecting the Fund’s dedication to fostering prosperity and resilience for the Maldivian people.