The OPEC Fund for Development’s governing board has decided to loan $50 million (Rf 771 million) for the development of Ibrahim Nasir International Airport (INIA). Maldives is the single highest receiver of the loan.
In the governing board’s meeting held in Vienna, Australia, it was decided that 22 countries would be receiving their loan aid and Maldives and El Salvador are receiving the highest amount of all 22 countries. A total of the loans to be given amounts up to $3oo million and both the Maldives and El Salvador receives $50 million each for developments projects.
In a statement issued on OPEC Fund’s website, the loan given to the Maldives is aimed at developing a new terminal thereby creating a new jobs and in turn a more sophisticated airport. After the completion of this project it is estimated that over 7.5 million passengers can be easily served in the new more developed airport. However the terms and conditions of the loan were not mentioned to the public.
In the 50 year development plan over $800 million is set to be spent and a new runway, terminal and a fuel farm along with other new modernized services will be introduced during this period.