Saudi Arabia gives $150m loan to Maldives; $100m for VIA completion
$50 million will go to health care; this includes the construction of hospitals
Saudi Arabia has decided to provide a total of $150 million (MVR 2.3 billion) in new loans to Maldives.
Finance minister Ibrahim Ameer confirmed it to Atoll Times on Sunday.
According to the Ameer, the new financing covers:
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$100 million in additional funds for the completion of the Velana International Airport (VIA) development project
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$50 million will go to health care; this includes the construction of hospitals
He said the loan was discussed and agreed during President Ibrahim Mohamed Solih's visit to Saudi Arabia last year. The country has now assured the release of the money, he said.
The Saudi embassy in Male also announced Sunday that it has decided to make the loan disbursements.
Timeline of VIA's new terminal:
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21 May 2016 - Signed with Saudi bin Laden Group to build terminal
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1 November 2016 - Bin Laden Group starts survey work to build terminal
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6 August 2018 - Work on the new terminal started and sheet piling started
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27 June 2019 - The design of the new terminal is changed and revised agreement signed with bin Laden
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17 December 2019 - Work resumed and foundation completed
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20 April 2022 - Designs for the new terminal unveiled
The Saudi fund also provided $100 million for the airport project in 2016.
In addition, the airport project is financed via:
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A $50 million loan from the OPEC fund
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A $50 million loan from the Kuwait fund
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A $373.9 million loan from China's Exim Bank
