Saudi Government grants an aid of US$ 80 million to develop the second phase of Hulhumale’.
The agreement was signed yesterday morning in Finance Ministry. Finance Minister Abdullah Jihad said that the loan had a five year grace period, with the loan to be paid back in 25 years. He also said that the interest on the loan was minimal, at 2 percent.
Minister Jihad said that Saudi government had always provided financial assistance to Maldives. He noted that this is the first time they had loaned such a significant amount, and cited that the Saudi Government had loaned out between 20 to 25 million dollars at the most. He noted that the discussions on securing the loan had begun three months back and commended the speed and the ease of securing this loan.
Minister Jihad attributed this to the good relations between the two nations. He also noted the work carried out by the Government to develop Hulhumale’ as a youth city.
HDC reported that the loan will be utilized to sheet pile, road development and development of six jettys. As such, four jettys will be used to link the 50 meter space between phase one and phase two of Hulhumale’ and an additional two will be used to link the yatch marina and the special economic zone.
Saudi Government grants US$ 80 million for Hulhumale’ development
