ADFD gives an extra $40 million loan to help finish Velana International Airport in the Maldives
The Abu Dhabi Fund for Development (ADFD) has announced a $40 million (AED 147 million) loan to help finish the Velana International Airport project in the Maldives, as tourism in the country is expected to grow.
Extra Loan for Maldives
In 2017, a $50 million loan (AED 183.5 million) was given for the first phase of this project. Now, an additional loan has been approved, as stated by ADFD on Wednesday.
The agreement was signed by Mohamed Saif Al Suwaidi, director general of ADFD, and Moosa Zameer, Maldives’ finance minister. Officials from both sides attended the signing.
Al Suwaidi said the extra funding will help modernize and expand Velana International Airport, boosting the Maldives’ growth by meeting the increasing demand from its growing tourism industry.
With this new funding, the airport will be upgraded to include 26 passenger gates, a building for international flights, and improved services using advanced technology.
Once completed, the expanded airport will handle up to 7.5 million passengers each year.
Funding for Development Projects
At the start of this month, ADFD agreed to lend $25 million (AED 92 million) to the Government of Rwanda to improve access to water in the country.
The loan will be used to expand water systems at the Karenge Water Treatment Plant. This includes building a water treatment facility that can process 36,000 cubic meters daily and extending water pipelines to major city areas.
In addition, Saudi Arabia’s Islamic Development Bank (IsDB), ADFD, and the Bill & Melinda Gates Foundation pledged $219 million to support 37 projects in 22 countries. These projects will focus on areas like small-scale farming, food security, empowering women, and providing essential services such as clean water, sanitation, and healthcare.
Building Partnerships
Al Suwaidi stated that funding the Maldives airport project aligns with the country’s development goals. He emphasized that ADFD aims to strengthen its partnership with the Maldives by supporting projects that create jobs and promote sustainable development.
Zameer highlighted that the Maldives is working on improving transportation infrastructure to enhance travel experiences and increase tourism revenue, which is vital for its economy.
Published: 26th December 2024
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Mubadala acquires 80% stake in 2 GHH healthcare firms
Mideast leaders visit Damascus to meet Syria’s new leader
Dolce&Gabbana unveils its largest single-floor store in Riyadh
