Maldives and Saudi Fund Explore New Financing for Strategic Infrastructure Projects

Minister of Finance and Public Enterprises Hassan Zareer met with Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), to discuss financing opportunities for the Maldives' strategic infrastructure initiatives and current development challenges. The high-level discussions focused on strengthening the long-term development cooperation between the Maldives and Saudi Arabia. Both parties explored securing additional SFD financing for priority government projects designed to stimulate economic growth and enhance the delivery of essential public services across the archipelago. Minister Zareer expressed gratitude to the SFD for its enduring partnership, noting that the Fund has been a critical ally in the nation's growth since 1978. Over the last four decades, the SFD has provided 17 loans totaling more than USD 488 million to support 14 key projects. Historically, the SFD's impact on Maldivian infrastructure has been significant. The partnership began with the development of Male’ International Airport and has since expanded into the health, housing, and urban development sectors. The largest single investment to date is the expansion and development of Velana International Airport, which received approximately USD 217 million in funding. Additionally, the SFD has allocated USD 50 million specifically toward health-sector improvements. Established in 1974, the Saudi Fund for Development serves as Saudi Arabia's primary agency for international aid. The Fund's core mandate is to provide financial assistance to developing nations for critical projects that drive social and economic progress. This latest meeting underscores a mutual commitment to sustaining the Maldives' development trajectory through targeted investment in the country's most vital sectors.