The Government of Maldives and Saudi Fund for Development (Saudi Fund), a member of the Arab Coordination group, has today (25 September 2016) signed a loan agreement of 375,000,000 Saudi Riyals (equivalent to USD 100 Million) for the financing of the development of Passenger Terminal of Ibrahim Nasir International Airport (INIA).

The Minister of Finance and Treasury Mr. Ahmed Munawar signed the agreement on behalf of the Government of Maldives, and H.E. Yousef Al-Bassam,Vice Chairman and Managing Director signed on behalf of Saudi Fund. The Ceremony was attended by the Co-Chair of the Economic and Youth Council of the Cabinet and Minister of Fisheries and Agriculture Dr. Mohamed Shainee, as well as senior officials of Ministry of Finance and Treasury and Maldives Airports Company Limited.

This is a concessional loan from the Saudi Fund to be repaid within 25 years, with a grace period of 5 years, at an interest rate of 2%.