Veymandoo’s new hospital will be a reliable facility for the entire region: Kuwait Fund

The Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED), Rashaid Ali Al-Bader, has stated that the new hospital being constructed in Th. Veymandoo will serve as a vital facility providing reliable, high-quality healthcare services to the entire region.

Al-Bader made these remarks during the official signing ceremony of a loan agreement between the Maldivian government and the Kuwait Fund for Arab Economic Development. The agreement provides 3 million Kuwaiti Dinars (approximately USD 9.7 million) for the development of the Thaa Atoll Hospital in Veymandoo. The agreement was signed on behalf of the Maldivian government by Minister of Finance Hassan Zareer at a ceremony held at the Ministry of Finance and Public Enterprises.

Speaking at the ceremony, Al-Bader stated that the Kuwait Fund remains committed to supporting the Maldives' key national development priorities. He noted that this marks the 15th loan extended to the Maldives by the fund. Furthermore, he highlighted that this is the first time the Kuwait Fund has invested in the Maldivian healthcare sector.

Furthermore, Al-Bader noted that the fund has been providing assistance to the Maldives since 1976, marking nearly 50 years of partnership. During this period, he stated that 14 loans totaling $185 million have been issued, in addition to $5.7 million provided in the form of grants and technical assistance.

During the ceremony, Minister Zareer expressed his gratitude to the Kuwait Fund, highlighting the significant role their assistance plays in the development of the Maldives.

In this regard, he highlighted the ongoing development projects at Velana International Airport, including the construction of the new terminal, as well as the coastal protection project in Fuvahmulah. The Minister emphasized that this agreement is not merely for the construction of a building, but rather a vital investment in the well-being and future of the citizens. He further stated that ensuring high-quality and equitable healthcare services within inhabited islands remains one of the government's top policy priorities.

The Ministry of Finance stated that the primary objective of this project is to establish decentralized secondary-level healthcare services in Thaa Atoll, thereby reducing the need for residents to travel to Male' for medical treatment and lowering associated costs. The Ministry noted that these services will benefit both the local population and tourists visiting the region. Furthermore, the Ministry confirmed that the loan for the Veymandoo Hospital project was secured under the Kuwait Fund’s annual country limit of USD 10 million allocated to the Maldives.

During a courtesy call following the signing ceremony, Al-Bader announced that the Kuwait Fund has decided to increase the Maldives' annual country limit from approximately $10 million to $40 million, effective next year. This decision follows discussions held with Minister Zareer on the sidelines of the Asian Infrastructure Investment Bank (AIIB) annual meeting.

Furthermore, Al-Bader stated that discussions and preparations would commence immediately regarding the Minister's request for participation in financing the massive Thilafushi Port development project, which is scheduled to proceed next year.