Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million (USD 40 million) to facilitate the development of Velana International Airport. In 2017, a loan of AED 183.5 million (USD 50 million) was granted for the project’s initial phases, underlining the significance of the airport for the Maldives tourism industry.

The financing agreement was signed by Director General of ADFD, Mr. Mohamed Saif Al Suwaidi, and the Maldives’ Minister of Finance, Mr. Moosa Zameer. Officials representing both parties were present at the signing ceremony.

Velana International Airport development project will expand to accommodate up to 26 gates for passenger access to aircraft, as well as a building for international flights. Additionally, the expansion will accommodate an increase in total capacity of the airport. This project aims to boost economic growth and increase passenger capacity, to ensure enhanced connectivity and economic opportunities in the Maldives.

“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 modernization 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,” stated Mr. Mohamed Saif Al Suwaidi, Director General of ADFD.

Maldives’ Minister of Finance, Mr. Moosa Zameer expressed gratitude to the UAE and ADFD for their continued support in promoting sustainable development in the Maldives. “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,” said Mr. Mohamed Zameer.

Since 1976, ADFD has been actively contributing to supporting and financing numerous strategic projects in the Maldives across various sectors including transportation, energy, tourism and housing. These projects have significantly improved the quality of life for the local communities.

Featured Image: x.com/VelanaAirport