The Abu Dhabi Fund for Development (ADFD) has announced a new loan of AED147 million ($40 million) aimed at facilitating the completion of the Velana International Airport project in the Maldives. This loan follows a previous allocation of AED183.5 million ($50 million) granted in 2017 for the initial stages of the project, underscoring the airport’s crucial importance in promoting tourism, a fundamental component of the Maldivian economy.
The financing agreement was formally signed by His Excellency Mohamed Saif Al Suwaidi, director general of ADFD, and His Excellency Moosa Zameer, Maldives’ minister of Finance. The signing ceremony was attended by numerous officials from both parties.
ADFD’s commitment to development
His Excellency Mohamed Saif Al Suwaidi remarked: “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.”
Aligning with national goals
Al Suwaidi also noted that these initiatives are in line with the developmental goals of the Maldivian government. “ADFD is committed to deepening its partnership with the Government of the Maldives, collaborating on impactful initiatives that fulfill the aspirations of the Maldivian people, generate employment opportunities, and drive sustainable development.”
Furthermore, in expressing appreciation to the UAE and Abu Dhabi Fund for Development for their unwavering support in advancing sustainable development in the Maldives, H.E. Moosa Zameer highlighted the shared dedication to enhancing sustainable progress in his nation. “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,” he further emphasized.
Expansion plans for the airport
Moreover, the development project for Velana International Airport will be expanded to include up to 26 passenger gates and a terminal for international flights. This new expansion is designed to further increase the airport’s total capacity, which is anticipated to reach 7.5 million passengers per year.
Long-term contributions to the Maldives
Since 1976, the Abu Dhabi Fund for Development has been actively engaged in supporting and financing numerous strategic projects in the Maldives. These initiatives have significantly contributed to improving the quality of life for local communities by enhancing vital sectors such as transportation, energy, tourism, and housing.
