Saudi Arabia’s Saudi Fund has provided an additional USD100 million for the completion of the new terminal at the Velana International Airport (VIA) and USD50 million for the advancement of the health sector in the Maldives.
This financial commitment comes in response to a request from the Maldivian government and was officially announced by the Saudi Fund last week. Notably, the Saudi Fund had previously extended a USD100 million loan in 2016 to support the development of the airport. Consequently, the total Saudi contribution towards the airport’s development now stands at USD200 million (MVR 3 billion).
The construction of the new terminal, initially initiated during the administration of former President Abdullah Yameen under the supervision of the Saudi Bin Laden Group, has faced several delays.
Over the past five years, the Saudi Fund has been a significant contributor to various development projects in the Maldives. It has provided a USD25 million (MVR 385 million) loan to enhance the fisheries sector and also allocated USD25 million (MVR 385 million) for a housing project.