Kuwait Fund for Development has signed a loan agreement with the Maldives, under which the fund will extend a KD 3 million loan to contribute to financing the construction of the New Thaa Atoll Veymandoo Hospital.
The agreement, which forms part of the ongoing development cooperation between Kuwait and the Maldives, was signed in Malé by Rashaid Ali Al-Bader, acting director general of the Kuwait Fund for Arab Economic Development, and Hassan Zareer, minister of finance and public enterprises, on behalf of the Maldives government.
The project aims to improve health care services on Veymandoo Island and the neighboring islands within Thaa Atoll, a group of coral islands in the Maldives.
This will be achieved through the construction of a new hospital designed to meet the health care needs of the local population, enhance the quality of medical services, and improve access to health care.
The project is also expected to reduce the need to transfer patients to hospitals on other islands or in the capital, Malé, for medical treatment. It will help decrease reliance on sea and air ambulance services, thereby easing the burdens associated with patient transfers. Furthermore, it will support the Maldivian government’s efforts to decentralize healthcare services and reduce pressure on central hospitals.
The project includes the construction of a four-story main hospital building with a capacity of 50 beds and a total built-up area of approximately 13,321 square meters, in addition to a single-story service building covering approximately 568.4 square metres.
The total cost of the project is estimated at approximately KD6.3 million. The fund’s loan will cover around 47.8% of the total cost, while the Maldives government will finance the remaining amount, as well as any potential cost increases.
This represents the Kuwait Fund’s 15th loan to the Maldives and marks a continuation of development cooperation between the two countries in vital sectors, including healthcare, transportation, and infrastructure.
Velana International Airport was inaugurated last year. The fund contributed to financing various phases of its development, reflecting the longstanding development partnership between the two countries.
