Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED147 million ($40 million) to the island nation of Maldives to support the completion of its Velana International Airport project.

This follows an earlier loan of AED183.5 million ($50 million) provided in 2017 for the project’s initial phases, highlighting the airport’s vital role in driving tourism, a key pillar of the Maldivian economy.

On complete expansion, the Velana International Airport will boast upto 26 gates for passenger access to aircraft, in addition to a building for international flights. It will also be able to handle 7.5 million passengers per annum.

Abu Dhabi Fund for Development has been actively contributing since 1976 to supporting and financing many strategic projects in the Maldives.

"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," remarked Mohamed Saif Al Suwaidi, the Director General of ADFD after signing the deal with Moosa Zameer, the Minister of Finance in the Maldives in the presence of senior officials .

He pointed out that these efforts align with the Maldivian government’s development objectives.

"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, he added.

Zameer, emphasizing the shared commitment to advancing sustainable development in Maldives, said: "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 added.

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