The government of the Maldives and the Saudi Fund for Development (SFD) have signed two agreements worth a total of USD 50 million on the affordable housing scheme project and the fisheries sector development project.
Minister of Foreign Affairs Abdulla Shahid signed the two agreements on behalf of the Maldives, at a ceremony held at the Ministry of Foreign Affairs on July 5. The signing ceremony was attended by Charge’ d’ affaires of the Royal Embassy of Saudi Arabia to the Maldives Saif Fahad Alqahtani, and senior officials of the Ministry of Foreign Affairs.
Speaking at the ceremony, Minister Shahid expressed confidence that the two agreements will forge even stronger and closer bilateral cooperation and collaboration in developmental sectors and intensify the existing ties between the Maldives and Saudi Arabia. Minister Shahid highlighted the generous and timely support from SFD comes in the midst of COVID-19 pandemic when the country is in urgent need of external financial support. Further, he underscored that the agreements will significantly assist in alleviating the challenges faced by the government in the development of housing and fisheries sectors.
In his remarks, Minister Shahid recalled the continuous generosity of the Saudi government towards the Maldives which has facilitated implementation of landmark development projects, including Velana International Airport and the development of Hulhumale’ second phase. Minister Shahid also conveyed the profound appreciation of President Ibrahim Mohamed Solih, the government, and the people of the Maldives, to King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, and the leadership of the Saudi Fund for facilitating the assistance.
Under the agreements, SFD will provide USD 25 million each for the agreement on affordable housing and the agreement on development of fisheries sector.