The Abu Dhabi Fund for Development has extended a USD 40 million (MVR 616 million) loan to the Maldives to support the ongoing development of Velana International Airport (VIA). The agreement, signed by Minister of Finance Moosa Zameer on behalf of the Maldives, marks a key step in the government’s plans to complete the new terminal by the end of the coming year.
The Abu Dhabi Fund’s latest contribution builds on its earlier USD 50 million (MVR 771 million) loan for the project. In addition, the Saudi Fund has provided USD 180 million (MVR 2.8 billion), reflecting significant regional support for this major infrastructure initiative.
At the signing ceremony, Abu Dhabi Fund Director Mohammed Al Suwaidi highlighted the commitment of Abu Dhabi to aiding the development of key infrastructure in partner nations. He noted that the newly allocated funds would play a crucial role in modernising VIA, enhancing its capacity to meet the increasing demands of the tourism industry, and fostering economic growth in the Maldives.
The new terminal is designed to cater to 7.5 million passengers annually, significantly expanding the airport’s current capacity. It is also expected to create 1,800 new jobs at the airport, while allowing for additional airlines to commence operations in the Maldives, further boosting connectivity and tourism potential.
Minister of Finance Moosa Zameer expressed gratitude to the Abu Dhabi Fund for its continued support of Maldivian development efforts. He emphasised the importance of partnerships in achieving national goals, particularly in strengthening infrastructure to support key sectors such as tourism.
As the primary gateway to the Maldives, Velana International Airport plays a central role in facilitating the country’s tourism industry, which is vital to the economy. The completion of the new terminal is anticipated to further enhance the Maldives’ reputation as a global travel destination, while improving services for both international visitors and local residents.
