The courtesy call on Minister Zareer by the CEO of SFD focused on further strengthening development relations with the Maldives and securing financing for government priority infrastructure projects for economic growth and strengthening basic services.
Finance Ministry
Minister of Finance and Public Enterprises Hassan Zareer has discussed development challenges faced by the Maldives and opportunities for financing strategic infrastructure development initiatives of the government with the Chief Executive Officer of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad.
The courtesy call on Minister Zareer by the CEO of SFD focused on further strengthening development relations with the Maldives and securing financing for government priority infrastructure projects for economic growth and strengthening basic services. During the meeting, Minister Zareer thanked SFD for its long-term assistance and close relationship with the Maldives.
The Saudi Fund for Development began assisting the Maldives in 1978, with the first loan for the development of the Male' International Airport. Since then, the fund has disbursed a total of 17 loans to 14 projects. The total amount of financing involved is more than USD488 million.
The fund has assisted in key areas such as transportation, health, housing and urban development. One of SFD's biggest investments is the expansion and development of Velana International Airport (VIA).
The fund provided financing of approximately USD217 million for the project. In addition, USD 50 million has been allocated to the health sector development program and the infrastructure development works in Hulhumale.
SFD is the main agency working on behalf of Saudi Arabia in the field of international development. Established in 1974, the Fund aims to provide financial assistance to critical projects in developing countries to support their economic and social development.
