Maldives secures $9.7M Kuwait Fund loan for Vaadhoo hospital, assistance cap raised to $40M

The Maldives has signed a $9.7 million loan agreement with the Kuwait Fund for the construction of a 50-bed hospital in Vaadhoo, as part of efforts to strengthen health services in the southern atolls. The agreement was signed today at the Ministry of Finance by Finance Minister Hassan Zareer and Acting Director General of the Kuwait Fund Rashid Al Badour. This marks the 15th loan provided by the fund to the country's development, and notably, the first loan extended to a healthcare development project in the Maldives. Following the signing, the Kuwait Fund announced its decision to increase its annual loan assistance to the Maldives from $10 million to $40 million starting next year. The fund attributed this increase to consultations held during the annual general meeting of the Asian Infrastructure Investment Bank (AIIB), initiated by China, this year. The Kuwait Fund also expressed interest in providing assistance to the Thilafushi Port project and reiterated its desire to further strengthen relations between the Maldives and Kuwait.