Saudi Fund for Development Signs Loan Agreement to Advance Transport, Housing Sectors in Maldives

Saudi Fund for Development (SFD) CEO Sultan Al-Marshad signed a $17 million second development loan agreement today with the Maldives' Minister of Finance and Planning Moosa Zameer to support the expansion and development of the Velana International Airport Project, bringing SFD’s total financing for the project to $217 million.
 The agreement aims to finance the construction of terminal buildings for international and domestic flights, as well as a seaplane terminal. It also seeks to increase the airport’s capacity to accommodate up to 7 million passengers annually, enhance operational efficiency, and meet the growing demand for travel and tourism.
 Additionally, the project will prepare the facility for future expansion to handle up to 15 million passengers per year, contributing to economic growth and global connectivity.
 Al-Marshad also participated in the groundbreaking ceremony for the Affordable Housing Project, which is being financed through a $25 million concessional development loan from the SFD. The project aims to provide more than 400 fully integrated housing units, benefiting over 2,700 individuals, and includes the development of essential infrastructure and services to ensure suitable and sustainable living conditions. It also seeks to enhance resilience against natural disasters such as cyclones and flooding, while promoting economic and social development within local communities.
 These efforts are part of SFD's ongoing commitment to advancing sustainable development in the Republic of Maldives. Since 1978, the SFD has provided 17 development loans, financing 14 key projects and programs with a total value exceeding $488 million. These projects cover critical sectors such as transportation, water and sanitation, health, and infrastructure, reflecting the fund’s commitment to fostering prosperity and resilience for the Maldivian people.