Saudi Arabia grants US$80m loan for Hulhumalé development
Speaking at a ceremony held this morning for signing the loan agreement, finance minister Abdulla Jihad said the loan was arranged within two to three months, which was “a record” in the ministry’s history and demonstrated the close ties between the Maldives and Saudi Arabia.
14 Sep 2015, 9:00 AM
The Saudi Fund for Development has granted a US$80 million loan to finance infrastructure development projects in the reclaimed artificial island of Hulhumalé, a suburb of capital Malé.
Speaking at a ceremony held this morning for signing the loan agreement, finance minister Abdulla Jihad said the loan had been arranged within two to three months, which was “a record” in the ministry’s history and demonstrated the close ties between the Maldives and Saudi Arabia.
Saudi Arabia has historically provided significant financial assistance to the Maldives, Jihad said, but previous loan assistance ranged from US$20 to US$30 million.
“Now they’re giving US$80 to US$100 million and even higher than that,” he said.
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