Maldives inaugurates Saudi-funded 400 flat project in Hulhumalé
The project is funded through a USD 25 million loan from the Saudi Fund for Development.
Maldives on Monday inaugurated a 400-unit housing project in the second phase of Hulhumalé, funded through a USD 25 million loan from the Saudi Fund for Development.
The inauguration ceremony was held Monday at the project site and attended by Minister of Finance and Planning Moosa Zameer and CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al Marshad. Al Marshad is currently on a three-day visit to the Maldives.
According to the housing ministry:
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Selecting a consultancy firm is currently underway
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Practical work is expected to start in the last quarter of this year
During the visit, an additional loan agreement of USD 17 million was also signed with the Saudi Fund for Development. The funding will go towards the development of the new terminal at Velana International Airport (VIA).
The Saudi Fund for Development has extended a total of USD 488 million in assistance to the Maldives since 1978.
