The Abu Dhabi Fund for Development (ADFD) announced on Thursday (December 26) a new loan of $40 million to support the completion of the Velana International Airport project in the Maldives.
A previous loan of $50 million was provided in 2017 for the project’s initial phases.
“The additional support for the modernization and expansion of the Velana International Airport will promote the Maldives’ growth, as it increases capacity to meet the rising demand from a thriving tourism sector,” said Mohamed Al Suwaidi, director general of ADFD, in a statement.
Maldives Airport Expansion
The development of Velana International Airport will be expanded to include up to 26 passenger gates and a terminal for international flights. This expansion aims to significantly boost the airport’s capacity, with projections indicating it will handle 7.5 million passengers annually.
ADFD Funds Partner Countries Like Maldives
Since 1976, the ADFD has actively supported and financed numerous strategic projects in the Maldives. The director general also said that ADFD is committed to enhancing its sustainable partnership with the Government of the Maldives, collaborating on projects that align with the aspirations of the Maldivian people, create job opportunities, and foster economic and social development.
Mohamed Al Suwaidi’s comments came after he signed the deal with Moosa Zameer, the Minister of Finance in the Maldives in the presence of senior officials.
Meanwhile, Zameer also highlighted the vital role of ADFD funding in the development of a modern international airport, stating that the funds are key to creating a cutting-edge airport with top-tier services and technologies.
He further emphasized that this was a major step toward achieving their national goals of upgrading transportation infrastructure, enhancing the travel experience, and boosting tourism revenues, all of which are essential to the growth of the country’s economy.
