OPEC fund to provide loan for Addu hospital

The government has agreed a loan of US$8.4 million (MVR129.5 million) with OPEC Fund for International Development (OFID) to build a hospital in Hithadhoo, Sun Online reports.

OFID is a finance institution established by the group of petroleum exporting states to channel aid to less-developed nations, most often for vital infrastructure

Previous loan support from the fund was given to upgrade Male’ international airport in 1999, and again in 2005 to extend Wataniya’s telecoms coverage.

Sun reported that the loan had originally been agreed last year, at a slightly higher rate of interest, and that the repayment period was 20 years.

Minister of Finance and Treasury Abdulla Jihad told Sun that the Health Ministry would begin the search for contractors next week.