The Saudi Fund for Development (SFD) has decided to provide USD 100 million for the completion of the new terminal at Velana International Airport (VIA) and an additional USD 50 million for the development of the Maldives' health sector.
A senior official at the Saudi Embassy in the Maldives confirmed to Mihaaru News that a total of MVR 2.3 billion has been allocated to the Maldives.
It has been learned that the funds were provided by the Saudi Fund at the request of the Maldives government, and the decision to release the money was made last week.
The Saudi Fund had previously provided a USD 100 million loan in 2016 for the development of the airport. Subsequently, the total amount provided by the Saudi Fund for the airport's development will now amount to USD 200 million (MVR 3 billion).
The Ministry of finance had been unavailable for comment regarding the assistance provided by the Saudi Fund.
The new terminal, which was handed over to the Bin Laden Group during former President Abdulla Yameen's tenure, is expected to be completed by 2025. However, due to various reasons, the construction has been delayed.
Over the past five years, the Saudi Fund has been a significant contributor to development projects in the Maldives. A loan of USD 25 million (MVR 385 million) has been provided to expand the fisheries sector. Additionally, a total of USD 25 million (MVR 385 million) has been allocated for housing projects.
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