The Maldives has signed a USD 40 million (MVR 614 million) agreement with Saudi Arabia to establish a Small-and-Medium Enterprise (SME) Impact Fund.
The memorandum of understanding (MoU) was signed by the Minister of Finance Ibrahim Ameer and the Chairman and President of the Islamic Development Bank (IsDB), Dr. Muhammad Al Jasser. The signing took place at the bank's annual assembly, which is also being attended by a delegation from the Maldives.
According to the Ministry of Finance, the IsDB President praised the Maldives for its strong economic recovery from the COVID-19 pandemic and pledged the bank's continued support for the country.
The agreement comes amid rumors of strained relations between Saudi Arabia and the Maldives.
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