Hanimaadhoo International Airport's contract, to be developed under the line-of-credit agreement between Maldives and India, will be signed in July.
The documents released by the Indian High Commission (IHC) in Maldives, stated that they currently in the process of identifying which contractors pre-qualify for it. Various Indian companies have the financial backing, technical capabilities and experience to develop such a project.
IHC had said that they expect pre-qualification work to be completed towards the end of May. Afterwards, the tender process will be started, followed by the signing of the contract. It is believed the project will be completed within two years.
Although the estimated cost of this project was USD 85 million, the amount can only be finalised after evaluating the tenders submitted by the Maldivian government.
Airports Authority of India, the consultant on this project, conducted a Detailed Project Report on the Hanimaadhoo Airport Project, completed via USD 750,000 financial aid from the Indian government.
A 2,4600 runway and a 58,000 square meter apron will be built when the Hanimaadhoo Airport is made bigger.
IHC has said the terminal building for Hanimaadhoo Airport was designed to be unique. As per them, the shape of the building will represent a manta ray.
The 800 million USD line-of-credit facility by India's Exim Bank will be used for eight major infrastructural projects in India. The interest rate on the line-of-credit funded projects is 1.75 percent, and Maldives will have a 20 year period to pay it back to India.