The Maldivian government signed two agreements totalling USD 50 million with the Saudi Fund for Development (SFD), on affordable housing scheme project and fisheries sector development project.

Under the Agreements, SFD will provide USD 25 million each for the agreement on affordable housing and the agreement on development of fisheries sector.

Foreign Minister Abdulla Shahid signed the agreements on behalf of the government, at a ceremony held on Sunday afternoon.

Speaking at the ceremony, the minister expressed confidence that the two agreements “will forge even stronger and closer bilateral cooperation and collaboration in developmental sectors and intensify the existing ties between the Maldives and Saudi Arabia”.

Shahid also highlighted that the ‘generous and timely support from Saudi Fund’ comes in the middle of Covid-19 pandemic “when the country is in urgent need of external financial support”.

He further noted that the agreements signed on Sunday “significantly assist in alleviating the challenges faced by the government in the development of housing and fisheries sectors”.

The foreign minister also recalled the continuous generosity of the Saudi Government towards the Maldives, adding that this has facilitated implementation of landmark development projects, including Velana International Airport and the development of Hulhumale’ second phase.

The signing ceremony was attended by Saif Fahad Alqahtani, Charge’ d’ affaires of the Royal Embassy of Saudi Arabia to the Maldives as well as senior officials of the Ministry of Foreign Affairs.

The foreign minister had, back in March, revealed that the government was set to sign a USD 25 million grant agreement with Saudi Arabia. to promote the Maldives' fisheries sector.