Minister of Finance Ibrahim Ameer has met with the CEO of the Saudi Fund for Development (SFD) Sultan Al-Marshad to discuss the ongoing projects in the Maldives funded by the organisation.
The meeting was held as part of the finance minister’s visit to Saudi Arabia. The meeting was also attended by the Ambassador of the Maldives to Saudi Arabia Mohamed Khaleel.
SFD is funding several important development projects in the Maldives, including the development of the new terminal of Velana International Airport (VIA). The project, worth USD357 million, had initially been contracted to the Bin Laden Group of Saudi Arabia in 2016. The project was put on hold due to different reasons, before the contract was revised and resigned with the Bin Laden Group in 2019.
In addition, SFD is also funding the project to upgrade the Kooddoo Fisheries Complex operated by Maldives Industrial Fisheries Company Limited (MIFCO). The project involves increasing the freezing capacity at the complex to 6000MT, and establishing a 50MT ice plant.
Furthermore, SFD is funding a housing project in Hulhumale’ which aims to provide housing to 2,700 people. SFD is also funding the development of Addu Equatorial Hospital (AEH) as a 100-bed tertiary hospital.
Established in 1975, SFD contributes to financing of development projects in developing countries by granting loans, providing technical assistance grants for funding studies and institutional support, and providing financing and guaranteeing national non-oil exports. So far, SFD has supported 14 development projects in the Maldives.