Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million ($40 million), taking its total loan to $90 million to support the completion of the Velana International Airport project in the Maldives.
ADFD had earlier issued a loan of AED 183.5 million ($50 million) in 2017 for the project’s initial phases. The airport will play a vital role in driving tourism, a key pillar of the Maldivian economy.
Mohamed Saif Al Suwaidi, Director General of ADFD, signed the new agreement and commented: “This funding reflects the critical role of ADFD in driving economic and social development in partner countries through transformative infrastructure projects.
“The additional support for the modernisation 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.
“ADFD is committed to deepening its partnership with the Government of the Maldives, collaborating on impactful initiatives that fulfill the aspirations of the Maldivian people, generate employment opportunities, and drive sustainable development.”
The Velana International Airport development project will expand to accommodate up to 26 gates for passenger access to aircraft and a building for international flights. This will increase the airport’s total capacity, which is expected to reach 7.5 million passengers annually.
Moosa Zameer, the Minister of Finance in the Maldives, expressed his gratitude to the UAE and ADFD and added, “The ADFD funding is instrumental in establishing a state-of-the-art international airport equipped with world-class services and technologies.
“This marks a major milestone in achieving our national goals of developing infrastructure in the transport sector, enhancing the travel experience, and boosting tourism revenues – key pillars of our national economy.”
Abu Dhabi Fund for Development, which was established in 1971, has been actively contributing since 1976 to supporting and financing many strategic projects in the Maldives. The fund aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions.
Since its inception, ADFD has impacted 107 developing countries. Its investments, valued at AED 216 billion ($58.8 billion), have helped the international community achieve sustainable economic growth.
Follow us on
