Maldives has signed on a memorandum of understanding (MoU) with Saudi Arabia on Monday afternoon over Saudi Fund's participation in the island nation's development.
The two countries signed on the MoU regarding Saudi Fund providing financial assistance in the government's planned affordable housing scheme project and for the development of fisheries sector.
Finance Minister Ahmed Munavvar bore the signature of the MoU on behalf of Maldives government during Monday's ceremony.
The signing ceremony was also attended by Maldives president Abdulla Yameen Abdul Gayoom and Saudi Arabia's Minister of Interior Abdulaziz bin Saud bin Nayef.
