Abu Dhabi Fund for Development (ADFD) has agreed to loan USD 40 million (USD 614 million) for the development of the Maldives’ main airport’s new terminal.
Minister of Finance and Treasury Ahmed Munawar made the announcement in response to Mihaaru’s inquiry, after OPEC Fund for International Development (OFID) signed with the Maldives government to grant USD 50 million for the development of Ibrahim Nasir International Airport (INIA)’s new terminal on Sunday.
He stated that ADFD has agreed to loan USD 40 million for the development of INIA’s new terminal, and that the Fund will discuss finalising the loan early next month.
The project, estimated to cost around USD 350 million, was awarded last May to Saudi Arabia’s largest construction firm, Saudi Binladin Group. The new state-of-the-art terminal is expected to cater for seven million passengers annually.
The Maldives government has already received USD 100 million from the Saudi Fund for Development, and USD 50 million each from Kuwait Fund and OFID. The latter has also agreed to provide another USD 50 million depending on the project’s progress.
Minister Munawar also announced that the Maldives will host a conference with all loan providers around March next year to discuss the progress of INIA’s development and expansion, and secure more funds if necessary.
“… the funding will be dispersed based on the progress of our work,” he said, noting that OFID has agreed to provide an additional USD 50 million after evaluating the project’s progress.
The funds already secured and the loans expected to be granted in the future totals USD 250 million for the INIA new terminal project, which is expected to cost USD 350 million. According to Minister Munawar, the remaining USD 100 will be invested by Maldives Airports Company Ltd (MACL).
INIA’s new terminal is part of the government’s USD 800 million (MVR 12.3 billion) project to develop and expand the airport. The project also features development of a new runway.
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