SFD Contributes $217 Million To Velana International Airport Development Project In Maldives

The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, attended the launch of the Velana International Airport development project. This event was graced by Dr. Mohamed Muizzu, President of the Maldives. The SFD is providing $217 million in soft development loans to finance this initiative.

The Velana International Airport project aims to enhance infrastructure and boost the aviation sector in the Maldives. It involves constructing modern terminals for both international and domestic flights, along with an integrated seaplane terminal. This development will increase the airport's capacity to handle 7 million passengers annually, with future plans to accommodate up to 15 million passengers each year.

This project marks over 47 years of strong development cooperation between Saudi Arabia and the Maldives. It coincides with the 60th anniversary of Maldivian independence. The collaboration highlights a long-standing partnership aimed at fostering growth and prosperity in various sectors.

Since 1978, the SFD has supported 17 development projects in the Maldives through soft loans totaling approximately $488 million. These initiatives have spanned social and infrastructure development as well as transport sectors, contributing significantly to social growth and economic prosperity in the country.

The airport expansion is expected to facilitate passenger movement and improve air cargo and logistics services efficiency. This will positively impact trade activities and economic development in the Maldives, aligning with broader goals of enhancing connectivity and boosting tourism.

Also present at the ceremony was Yahya bin Hassan Al-Qahtani, Saudi Arabia's Ambassador to the Maldives. His presence underscored the importance of this bilateral relationship and its role in supporting sustainable development efforts in the region.

The ongoing collaboration between Saudi Arabia and the Maldives reflects a commitment to mutual growth. By investing in key infrastructure projects like Velana International Airport, both nations aim to strengthen their economic ties while promoting regional stability and progress.

With inputs from SPA