The Maldives has signed a new loan agreement with the Saudi Fund for Development (SFD), securing USD 17 million for the expansion of Velana International Airport (VIA).

The agreement was signed at a special ceremony held at the President’s Office, where Finance Minister Moosa Zameer represented the Maldivian Government. The funding—equivalent to 63 million Saudi Riyals—comes at a crucial time as the VIA development project continues to gather pace.

According to the Ministry of Finance, this additional support will not only help speed up the airport’s development but also deliver lasting economic benefits. Once completed, the expanded airport will be able to welcome more airlines and passengers, offering better services to tourists and creating new opportunities in tourism, business, and transport.

The Saudi Fund for Development has long been a valued partner in the Maldives’ growth journey. Over the years, it has provided more than USD 470 million in assistance across sectors like health, transport, housing, and fisheries. Just last year, in May 2024, the Fund approved USD 150 million for two major development projects, as well as an additional USD 50 million to improve healthcare—including the construction of three new hospitals.

Established in 1974, the Saudi Fund for Development works with countries around the world to promote sustainable growth through soft loans and development grants.