ADFD Supports Maldives' Airport Expansion with Additional Loan

Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million (USD 40 million) to aid the completion of the Velana International Airport project in the Maldives. This follows a previous loan of AED 183.5 million (USD 50 million) given in 2017 for the initial phases of the project. The airport is crucial for boosting tourism, a key part of the Maldivian economy.

Signing Ceremony and Statements

The financing agreement was signed by Mohamed Saif Al Suwaidi, Director General of ADFD, and Moosa Zameer, Minister of Finance in the Maldives, with several officials from both sides present. Mohamed Saif Al Suwaidi stated that the funding underscores ADFD's role in promoting economic and social development through infrastructure projects. He emphasized that the airport's modernization will support the Maldives' growth by meeting the increasing demand from the tourism sector.

Moosa Zameer expressed gratitude to the UAE and ADFD for their ongoing support, highlighting the shared commitment to sustainable development. He noted that the funding is crucial for creating a state-of-the-art international airport, which will enhance the travel experience and boost tourism revenues.

Project Expansion Details

The Velana International Airport project will expand to include up to 26 gates for passenger access and a new building for international flights. The expansion aims to increase the airport's capacity to 7.5 million passengers annually.

ADFD's Long-term Contribution

Since 1976, ADFD has been actively supporting strategic projects in the Maldives, significantly improving local communities' quality of life by developing sectors like transportation, energy, tourism, and housing.