The Maldives government has signed a USD40 million (MVR614 million) agreement with Saudi Arabia on establishing a small-to-medium (SME) impact fund.
The memorandum of understanding (MoU) between the Maldives government and the Islamic Development Bank (IsDB) was held at the sidelines of its ongoing annual assembly. A delegation from the Maldives is participating in the assembly.
Maldives Minister of Finance Ibrahim Ameer signed on the agreement on behalf of the government, while the bank’s Chairman and President Dr. Muhammad Al Jasser signed on behalf of IsDB.
The IsDB President had congratulated the Maldives for its strong recovery from the Covid-19 pandemic, while assuring the bank’s continued support to the Maldives.
Meanwhile, the two countries have entered a new agreement amid rumors of tension between the Maldives and Saudi Arabia.