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CEO of Saudi Fund for Development arrives in Maldives

Malika Shahid
16 May 2024, MVT 20:36
President Dr Mohamed Muizzu meets Saudi Development Fund CEO Sultan bin Abdul Rahman Al-Marshad -- Photo: President's Office
Malika Shahid
16 May 2024, MVT 20:36

Chief Executive Officer of the Saudi Fund for Development (SDF), Sultan bin Abdul Rahman Al-Marshad, has arrived in the Maldives on an official visit.

A "high-level" ceremony was also held at the Ministry of Finance this evening during the visit of the CEO of the Saudi Fund and other senior officials to the Maldives.

During the ceremony, SDF extended two loans to the government of Maldives.

The first is an additional USD 100 million (MVR 1.5 billion) loan for the Velana International Airport (VIA) terminal expansion project.

They have also issued a USD 50 million (MVR 770 million) loan to develop the Maldives' health sector.

Minister of Finance Dr Mohamed Shafeeq signed the loan agreements on behalf of the Maldives government, while the fund's CEO Sultan bin Abdul Rahman Al-Marshad, signed on behalf of the Saudi Fund for Development.

Various projects are currently underway in the Maldives with the assistance of the SDF, including assistance for the construction of the new terminal of Velana International Airport (VIA), one of the largest ongoing projects. Since the current administration came to power, additional assistance has been provided through the Saudi Fund to expedite the project.

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