Government Takes USD 200 Million in Loans in 2024

The Maldivian government has taken a total of five loans amounting to MVR 3 billion (USD 200 million) in 2024, according to data released by the Finance Ministry today.

Two of the largest loans, totalling USD 150 million, were obtained in May from the Saudi Fund for Development. These funds are earmarked for the Velana International Airport expansion project and a health sector development initiative.

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In June, two additional loans were secured from the Islamic Development Bank, amounting to USD 30 million and USD 10 million. These funds are intended to support the establishment of the SME Impact Fund, aimed at fostering small and medium-sized enterprises in the country.

Most recently, in July, the government acquired a USD 9.8 million loan from the Kuwait Fund for Arab Economic Development, which will go towards the Small Islands Hospital Project.

In addition to these loans, the government issued two sovereign guarantees of USD 7.5 million each in March to the Maldives Fund Management Corporation Limited, facilitating the establishment and operationalisation of a submarine cable system.