"Abu Dhabi Development" Provides 147 million dirhams as a loan to develop an airport in the Maldives
Abu Dhabi, December 25 / WAM / The Abu Dhabi Fund for Development announced the provision of an additional loan amounting to 147 million dirhams, equivalent to “40 million dollars”, to complete the financing of the Velana International Airport development project in the Maldives.
The project aims to enhance economic and social development in the Maldives by improving airport facilities and increasing its capacity, in line with the annual growth in the number of passengers.
In 2017, the Fund provided financing worth 183.5 million dirhams to the Maldives government, to support the Velana International Airport development project, which is considered a major hub in the country’s tourism sector and one of the basic pillars of the national economy.
The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, and on behalf of the Maldives government, His Excellency Musa Zamir, Minister of Finance, in the presence of a number of officials from both sides.
Al Suwaidi said that this financing comes within the framework of the pioneering role played by the Abu Dhabi Fund for Development to support development projects aimed at enhancing economic and social growth in partner countries, noting that the financing provided by the Fund to complete the Velana International Airport development project contributes directly to enhancing economic development. And social development in the Maldives by developing airport facilities and increasing its capacity to accommodate larger numbers of travelers, in order to keep pace with the continuous growth in the tourism sector and achieve the development goals of the Maldivian government.
He stressed that the Abu Dhabi Fund for Development looks forward to strengthening its sustainable partnership with the Maldivian government, and working side by side to implement projects that contribute to meeting the aspirations of the Maldivian people, provide job opportunities, and support economic and social growth in the country.
Zamir extended his sincere thanks and appreciation to the United Arab Emirates and the Abu Dhabi Fund for Development for their continued support in promoting sustainable development in the Maldives, expressing his pride in the strategic partnership with the Fund, and his aspiration to achieve more joint achievements that contribute to enhancing sustainable economic growth in the country.
He said that the funding provided by the Fund in the first and second phases will play a vital role in establishing an advanced international airport equipped with all global services and technologies, which constitutes an important step towards achieving the national goals of developing infrastructure in the transportation sector and enhancing the travel sector, as well as increasing tourism revenues. It is one of the main pillars of the Maldivian economy.
The Velana International Airport development project includes expanding the western passenger terminal to increase the capacity to 26 lanes for passengers to enter aircraft, with the addition of a terminal for international flights, which will enhance the capacity to accommodate the increased passenger traffic amounting to 7.5 million passengers annually.
It is worth noting that the Abu Dhabi Fund for Development has actively contributed since 1976 to supporting and financing many strategic projects in the Maldives, which has contributed to improving the quality of life of local communities through the development of vital sectors, such as transportation, energy, tourism, and housing.
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