In a significant boost to bilateral relations and national development, the Kuwait Fund for Arab Economic Development (KFAED) has announced it will increase its annual financing limit for the Maldives from USD 10 million to USD 40 million, effective next year.
The decision, confirmed by Acting Director General, Rashaid A. Al-Bader, follows high-level discussions with Minister of Finance and Public Enterprises, Hassan Zareer.
The adjustment aims to better support the Maldives’ ambitious infrastructure agenda, including the upcoming Thilafushi Port development project. The announcement coincided with the signing of a loan agreement for the development of the Thaa Atoll Hospital, a project valued at roughly USD 9.7 million.
Reflecting on a 50-year partnership—dating back to the first agreement in 1976—Al-Bader noted that the KFAED has invested over USD 190 million in the nation to date.
Minister Zareer expressed his gratitude for the Fund's longstanding support, citing its instrumental role in landmark initiatives such as the expansion of Velana International Airport and crucial coastal protection efforts.