OFID offers Maldives $ 8.4 million loan to finance health project

A delegation from the OPEC Fund for International Development (OFID), headed by Director-General Mr. Suleiman J. Al-Herbish, has concluded a high-level mission to the Maldives. The primary purpose of the visit was to sign a public sector loan agreement in support of the country's health sector and discuss OFID's current operations, as well as future avenues of cooperation. These and other topics were covered during talks with the President of the Maldives, Mohamed Waheed, and other senior officials. The newly-signed USD 8.4 million loan-agreement will co-finance the Hithadhoo Regional Hospital Project, which will construct a new 100 bed-capacity facility as the present one is only equipped to handle routine medical care. Signing the agreement on behalf of OFID was Mr. Suleiman J. Al-Herbish, who said the new hospital would deliver a wide range of specialized and emergency medical services, benefiting around 76,000 people. The agreement was co-signed by Abdulla Jihad, Minister of Finance of the Maldives. The project is also being funded by the Maldivian Government and the Saudi Fund for Development. During the meetings with President Waheed and other high-level officials, Mr. Al-Herbish spoke warmly of the good relationship between OFID and the Maldives and said that the delegation's visit further reinforced the institution's commitment to the country's development. The delegation also visited the sites of an ongoing project that is constructing new harbors on islands that were severely hit by the 2004 Tsunami. OFID's partnership with the Maldives dates back to 1977, having co-financed projects that helped strengthen the country's agriculture, education, transportation and water supply and sanitation sectors, among others. The institution has also supported the country's private sector, including funding to the Maldives Finance Leasing Company; Wataniya Telecom Maldives and Villa Shipping and Trading Company. Under its Trade Finance Facility, OFID has participated under the International Islamic Finance Corporation's syndication of US25 million to assist the State Trading Organization, Maldives, in importing refined petroleum products. In addition, grant funding has provided emergency aid for tsunami victims and supported healthcare programs.