A loan agreement worth USD 9.7 million (MVR 150 million) was signed Wednesday between the Maldivian government and the Kuwait Fund to develop the Thaa Atoll Hospital located in Thaa Atoll Veymandoo.

The Ministry of Finance stated that a USD 9.7 million loan agreement was signed with the Kuwait Fund for Arab Economic Development (KFAED) to develop a modern 50-bed hospital in Veymandoo.

The agreement, made to strengthen the healthcare system of Thaa Atoll, was signed by Finance Minister Hassan Zareer and Acting Director General of KFAED Rasheed Ali Al-Badr.

According to the Ministry of Finance, this 15th loan provided by the Kuwait Fund to the Maldives represents its first investment in the health sector.

During the ceremony held to sign the agreement, KFAED also stated that it has decided to increase the annual loan limit provided to the Maldives from USD 10 million to USD 40 million starting next year. Additionally, KFAED expressed interest in providing assistance for the Thilafushi Port development project.

Last Monday, KFAED also met with Health Minister Geela Ali to discuss matters regarding the 50-bed hospital being developed in Veymandoo.

The Ministry of Health stated that during that meeting, discussions were also held on potential initiatives to strengthen the Maldivian health sector and provide quality healthcare services in collaboration with the Kuwait Fund.

During a visit to Veymandoo in September last year, President Dr. Mohamed Muizzu stated that he would bring the necessary development to the atoll hospital located in that island. The President also stated that even until the work on the newly developed 50-bed hospital is completed, measures that can be taken would be carried out.

President Muizzu said his administration aimed to end the need for people to travel long distances and pay high costs to access healthcare, pledging to make essential services available closer to their homes.