A US$12.5 million (Rf192.7 million) has been given to develop Hithadhoo Regional Hospital in Addu by the Saudi Fund for Development.
Finance Minister Ahmed Inaz and Saudi Fund’s Vice Chairman and Managing Director Yousef Ibrahim Al-Bassam signed the agreement yesterday. Health Minister Dr Aminath Jameel and Islamic Minister Dr Abdul Majeed Abdul Bari were in attendance.
The loan carries a one percent interest rate and a five year grace period. It is expected to be repaid within 20 years.
The project, which will be supported by loans from the Saudi Fund and the OPEC Fund, has not yet been opened for bidding.