ADFD Extends AED 147 Million Loan To Complete Velana International Airport In The Maldives

The Abu Dhabi Fund for Development (ADFD) has granted an additional AED 147 million (US$40 million) loan to aid the Velana International Airport project in the Maldives. This follows a previous AED 183.5 million (US$50 million) loan in 2017 for the project's initial stages, underscoring the airport's importance in boosting tourism, a crucial part of the Maldivian economy.

Mohamed Saif Al Suwaidi, ADFD's Director General, and Moosa Zameer, Maldives' Finance Minister, signed the financing agreement. Officials from both countries attended the ceremony. Al Suwaidi stated that this funding highlights ADFD's role in fostering economic and social development through significant infrastructure projects. The expansion of Velana International Airport aligns with the Maldivian government's goals.

The airport project will expand to include up to 26 gates for passenger boarding and a new building for international flights. This expansion aims to increase the airport's capacity to handle up to 7.5 million passengers annually, meeting growing tourism demands.

Moosa Zameer expressed gratitude towards UAE and ADFD for their ongoing support in sustainable development efforts in the Maldives. He emphasised that ADFD's funding is crucial for establishing a modern international airport with top-notch services and technologies. This development is pivotal in achieving national objectives related to infrastructure, travel enhancement, and increased tourism revenue.

Al Suwaidi added that ADFD is dedicated to strengthening its partnership with the Maldivian government by working on impactful initiatives that meet the aspirations of Maldivians, create jobs, and promote sustainable growth. "ADFD is committed to deepening its partnership with the Government of the Maldives," he said.

Since 1976, ADFD has actively supported numerous strategic projects in the Maldives. These initiatives have significantly improved local communities' quality of life by developing essential sectors such as transportation, energy, tourism, and housing.

The continuous collaboration between ADFD and the Maldives reflects a shared vision for sustainable progress through strategic investments in vital infrastructure projects.

With inputs from WAM