ADFD grants additional USD 40 Million loan to expand Velana International Airport
The Abu Dhabi Fund for Development (ADFD) has approved an additional loan of AED 147 million (USD 40 million) to further advance the modernization of Velana International Airport (VIA) in the Maldives.
This latest funding supplements an earlier loan of AED 183.5 million (USD 50 million), which was allocated in 2017 to initiate the airport expansion project.
The financing agreement was formalized in Abu Dhabi on Wednesday, with Finance Minister Moosa Zameer and ADFD Director General Mohamed Saif Al Suwaidi signing the documents in the presence of senior officials from both sides.
Al Suwaidi highlighted ADFD’s commitment to fostering development in partner countries through transformative infrastructure initiatives.
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
He said
He further emphasized that the project aligns with the Maldivian government’s broader development objectives.
Expressing gratitude for the UAE and ADFD’s enduring support, Minister Zameer underscored the significance of the funding.
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 remarked
The Velana International Airport expansion project includes the development of a western passenger terminal capable of accommodating 26 aircraft and the construction of a new building for international passengers.
The new expansion is expected to increase the total capacity of the airport, which is expected to reach 7.5 million passengers annually.
ADFD has been a key development partner for the Maldives since 1976, supporting various initiatives to drive economic growth and social progress in the island nation.
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