The Saudi Fund for Development (SFD) on Thursday, extended a USD 150 million grant to the Maldives government.
With Thursday’s grant extension, the fund has extended a total of USD 470 million till date.
SFD extended the fund for the purpose of fund injection for the ongoing Velana International Airport (VIA)’s expansion project and strengthening the healthcare infrastructure, facilities and services in the Maldives.
The signing for this grant was held at the Ministry of Finance, which was attended by the Minister of Finance Dr. Mohamed Shafeeq, Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed and other senior government officials along with the SFD delegates.
Minister of Finance Dr. Shafeeq signed the agreement on behalf of the state, while SFD’s Chief Executive Officer Sultan bin Abdul Rahman Al-Marshad signed on behalf of the fund.
From the total extended on Thursday, USD 100 million will be directed for VIA expansion project with the other USD 50 million utilized for the development of healthcare infrastructure, including the development 150-bed hospitals in three local islands.