The Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million ($40 million) to complete the financing of the Velana International Airport development project in the Maldives.
The Fund initially provided AED 183.5 million in financing to the Maldives to support the airport’s development in 2017.
The project aims to enhance economic and social development in the Maldives by improving airport facilities and increasing its capacity, a key hub in the country’s tourism sector and a key pillar of the national economy.
The Director-General of ADFD, Mohammed Saif Al Suwaidi, said this funding comes within the framework of the pioneering role played by the Abu Dhabi Fund for Development in supporting development projects aimed at enhancing economic and social growth in partner countries, adding the funding to the Maldives aims to keep pace with the continuous growth in the tourism sector and achieve the development goals of the Maldivian government.
He stressed that ADFD looks forward to strengthening its sustainable partnership with the Government of the Maldives, and working side by side to implement projects that contribute to meeting the aspirations of the Maldivian people, providing job opportunities, and supporting economic and social growth in the country.
The Velana International Airport development project includes the expansion of the western passenger terminal to increase capacity to 26 aisles for passengers to enter aircraft, with the addition of an international terminal, which will enhance capacity to accommodate the increase in passenger traffic of 7.5 million passengers annually.
ADFD has been operating since 1976, financing many strategic projects in the Maldives, in sectors like transportation, energy, tourism, and housing.
UAE, Italy sign MoU to combat financial, economic crimes
Putin says there is no time to sign new Ukraine gas transit deal this year
New tax programme for government employees
Brazil says workers at BYD construction site victims of human trafficking
