The Maldives government has signed a USD 50 million agreement with Saudi Arabia to develop housing and fisheries sector in the Maldives.

The agreement was signed between Saudi fund for Development and Maldives in the Ministry of Foreign Affairs by Minister Abdulla Shahid.

President Ibrahim Mohamed Solih had announced agreement with Saudi Arabia in in his previous press conferences. Minister Shahid speaking at the signing ceremony said that the fund is very much need for the Maldives to undergo the economic impacts of COVID-19.

He noted that they would using the funds would be used to provide affordable housing and the development of the fisheries industry. He further more noted that this agreement has increased the relationship between Saudi Arabia and Maldives.