The Maldives and the Saudi Fund for Development (SFD) are exploring financing opportunities for priority infrastructure projects aimed at supporting economic growth and improving essential public services.
The potential financing was discussed during a meeting between Minister of Finance and Public Enterprises Hassan Zareer and SFD Chief Executive Officer Sultan bin Abdulrahman Al-Marshad. While specific projects and financing amounts were not disclosed, the discussions focused on infrastructure linked to the country’s wider development needs.
Al-Marshad subsequently met President Dr Mohamed Muizzu at Mulee’aage, where both sides reviewed the Fund’s long-standing role in the Maldives and expressed their intention to expand the development partnership.
President Muizzu conveyed his appreciation to SFD and the Government of Saudi Arabia for their continued assistance to the Maldives. Al-Marshad reaffirmed the Fund’s commitment to its strategic relationship with the country.
SFD has provided more than USD 488 million through 17 development loans supporting 14 projects and programmes in the Maldives since the partnership began in 1978. Its first loan to the country supported the development of Malé International Airport, now known as Velana International Airport.
The Fund’s assistance has since covered transport, healthcare, housing and urban development. This includes approximately USD 217 million for the expansion and development of Velana International Airport, as well as USD 50 million for the Maldives’ healthcare development programme.
SFD has also contributed to major infrastructure development initiatives in Hulhumalé.
Established in 1974, SFD is Saudi Arabia’s principal institution for international development financing. It provides concessional funding for economic and social development projects in developing countries.
The latest discussions did not result in any publicly announced financing agreements, but indicate that the Maldives is seeking further SFD involvement in upcoming infrastructure investments.
