Maldives, SFD sign US$ 50 mln agreements on housing, fisheries sector development

The Government of Maldives and the Saudi Fund for Development (SDF) on Sunday signed two agreements totalling 50 million US dollars on affordable housing scheme project and fisheries sector development project. The Minister of Foreign Affairs Abdulla Shahid signed the two agreements on behalf of the Government of Maldives at a ceremony held at the Ministry of Foreign Affairs on Sunday afternoon.

Under the Agreements, SDF will provide 25 million USD dollars each for the agreement on affordable housing and the agreement on development of the fisheries sector.

Speaking at the ceremony, Minister Shahid expressed confidence that the two agreements will forge even stronger and closer bilateral cooperation and collaboration in developmental sectors and intensify the existing ties between the Maldives and Saudi Arabia. Minister Shahid highlighted that the ‘generous and timely support from Saudi Fund’ comes in the midst of Covid-19 pandemic when the country is in urgent need of external financial support. He underscored that the Agreements will significantly assist in alleviating the challenges faced by the Government in the development of housing and fisheries sectors.

In his remarks, Minister Shahid recalled the continuous generosity of the Saudi Government towards the Maldives which has facilitated implementation of landmark development projects, including Velana International Airport and the development of Hulhumale’ second phase. Minister Shahid also conveyed the profound appreciation of President Solih, the Government, and the people of the Maldives, to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud and Crown Prince, His Royal Highness Mohammed bin Salman bin Abdulaziz Al-Saud, and the leadership of the Sudi Fund for facilitating the assistance.

The signing ceremony was attended by Mr. Saif Fahad Alqahtani, Charge’ d’ affaires of the Royal Embassy of Saudi Arabia to the Republic of Maldives and Senior Officials of the Ministry of Foreign Affairs.