Maldives in discussions with Saudi for USD 150M in grant aid

Finance Ministry has revealed that the government is in discussion with Saudi Araba for USD 150 million in grant assistance.

Briefing Sun on the matter, Finance Ministry said although discussions are underway, the funds have yet to be officially greenlighted.

As of present, the Ministry said the plan was to allocate USD 100 million to upgrade Velana International Airport and USD 50 million to further boost the health sector.

Sun has been unsuccessful in its efforts to obtain a comment from Finance Minister Ibrahim Ameer regarding the matter.

Maldives Airports Company Limited (MACL) was granted an additional letter of credit facility of MVR 386 million from Bank of Maldives (BML) to ensure the continuity of the project to develop a new passenger terminal at the Velana International Airport last year.

Physical works on the new terminal commenced in 2016, to be finished by this year. However, the work has been delayed as a result of the COVID-19 pandemic and other factors.

The new terminal, among the largest projects initiated at the airport, was contracted to Saudi’s Binladin by former president Abdulla Yameen Abdul Gayyoom’s administration.

The project was awarded to Binladin Group for approximately MVR 5.3 billion.

Saudi Arabia has provided assurance of the continuity of support to Maldives as a new administration is set to take over on November 17^th.

The assurance was provided during a meeting between Saudi Ambassador Matrek Abdullah Al-Ajalin Aldosari and President-Elect Dr. Mohamed Muizzu earlier this month.