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The Abu Dhabi Fund for Development (ADFD) has announced a new loan of Dhs147m ($40m) to support the ongoing development of Velana International Airport in the Maldives.
This follows an earlier loan of Dhs183.5m provided in 2017 for the project’s initial phases, underscoring the airport’s significance in driving tourism.
ADFD DG Mohamed Saif Al Suwaidi emphasised the fund’s commitment to transformative infrastructure projects that foster economic and social development in partner countries.
“This funding reflects the critical role of ADFD in driving development through key initiatives. The modernisation and expansion of Velana International Airport will enable the Maldives to meet rising demand from its growing tourism sector, a vital contributor to the country’s economic growth,” he said.
He added that the initiative aligns with the Maldivian government’s broader development goals. “ADFD is dedicated to deepening its partnership with the Maldives, advancing projects that enhance employment opportunities, improve infrastructure, and promote sustainable development.”
Moosa Zameer, Minister of Finance of the Maldives expressed gratitude for the UAE’s continued support, highlighting the importance of the funding for the airport’s modernisation.
“This project is a significant step towards establishing a state-of-the-art international airport with world-class facilities. It aligns with our national objectives to boost tourism revenues, enhance the travel experience, and advance sustainable development in the Maldives,” he said.
The Velana International Airport expansion includes the addition of up to 26 aircraft gates and a new terminal building for international flights, enabling the airport to handle up to 7.5 million passengers annually.
ADFD-Maldives government have a longstanding relationship
ADFD has been an active partner in the Maldives’ development since 1976, funding strategic projects across the transportation, energy, tourism, and housing sectors. These investments have significantly improved living standards for local communities and contributed to the country’s economic resilience.
Read: ADFD invests Dhs23bn in 33 projects in Bahrain
