Abu Dhabi Fund for Development has signed a loan agreement with Maldives for an additional USD 40 million (MVR 616 million) for the development of Velana International Airport (VIA).
Abu Dhabi Fund for Development has signed a loan agreement with Maldives for an additional USD 40 million (MVR 616 million) for the development of Velana International Airport (VIA).
As the government aims to expedite completion of the new terminal at VIA, the Abu Dhabi Fund has even previously given a loan of USD 50 million (MVR 771 million), with USD 180 million (MVR 2.8 billion) having been sourced from the Saudi Fund.
At the signing of the new agreement, Abu Dhabi Fund Director Mohammed Al Suwaidi said that the agreement reflects Abu Dhabi's commitment towards assistance in infrastructural development of friendly nations.
He reflected on how the newly extended funds would contribute towards modernization of VIA, which would in turn bring further development to Maldives and increase capacity to cater to the growing demands of the tourism industry.
Minister of Finance Moosa Zameer signed the agreement on behalf of Maldives, who, in his remarks, extended gratitude to Abu Dhabi fund for their continued support for Maldives' development over the years.
The new terminal will have the capacity to cater to 7.5 million passengers.
With the new terminal, 1,800 new jobs will be created at the airport. With over 30 airlines providing service, the new terminal will allow for more airlines to commence services in the Maldives.
The government aims to complete the airport development project within the coming year.
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