Kuwait Fund extends USD 9.7 million loan for Thaa Atoll Hospital in Veymandoo

A loan agreement worth approximately USD 9.7 million has been signed with the Kuwait Fund to establish an atoll hospital in Th. Veymandoo.

The agreement was signed by Finance Minister Hassan Zareer and Kuwait Fund Acting Director General Rashid Al-Bader at a ceremony held at the Ministry of Finance.

At the ceremony, Minister Zareer thanked the Kuwait Fund for its valuable assistance to the economic and social development of the Maldives.

The loan agreement for the establishment of the hospital in Veymandoo was arranged under the country limit of USD 10 million per annum set by the Kuwait Fund for Arab Economic Development. The Minister said the agreement was not only for the construction of a building, but also an investment in the health and well-being of Maldivians, as well as the future prosperity of the country.

He added that in a geographically dispersed island nation like the Maldives, ensuring quality and equitable healthcare for every citizen remains one of the government’s top priorities.

The Government of Maldives and the Kuwait Fund for Arab Economic Development (KFAED) have signed a KWD 3 million (approximately USD 9.7 million) loan agreement to develop a modern, fully equipped 50-bed hospital in Th. Veymandoo, strengthening access to quality healthcare across Th. Atoll. The agreement, signed by Minister Zareer, and KFAED Acting Director General, Mr. Rashaid A. Al-Bader, marks the Fund's 15th loan to the Maldives and its first investment in the healthcare sector. During a courtesy call following the signing, KFAED confirmed its decision to increase the Maldives' annual country loan limit from USD 10 million to USD 40 million starting in 2027, following the discussion on the sideline of the AIIB Annual Meeting 2026, and expressed interest in supporting the Thilafushi port development project, further strengthening the longstanding development partnership between the two countries. @KuwaitFund

— Ministry of Finance and Public Enterprises (@MoFmv) November 4, 2026

Rashid Al-Bader said this is the 15th loan issued by the Fund, and the first time it has invested in the health sector in the Maldives.

He noted that it has been 50 years since the Fund began financing projects in the Maldives, with the first agreement signed in 1976. He said 14 loans worth USD 185 million have been disbursed during this period, and USD 5.7 million has been provided in grants and technical assistance.

Al-Bader also said the Kuwait Fund has decided to increase the annual country loan limit from about USD 10 million to USD 40 million from next year, following requests made by Minister Zareer on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual Meeting.

The Minister has asked the Fund to participate in financing the Thilafushi port development project, one of the largest projects planned for next year.