Abu Dhabi Fund for Development (ADFD) has announced a new loan of AED 147 million (US$ 40 million) to support the completion of the Velana International Airport project in the Maldives.
Publish dateFriday 27 December 2024 - 22:58
According to Amac News: Based on the ADFD announcement, the loan follows a previous loan of AED 183.5 million (US$ 50 million) provided in 2017 for the initial stages of the project.
The financing agreement for the project was signed by Mohammed Saif Al Suwaidi, Director-General of ADFD, and Musa Zamir, Minister of Finance of the Maldives, and a number of officials from both sides attended the signing ceremony.
The ADFD Director-General said that the financing reflects ADFD’s key role in advancing the economic and social development of partner countries through transformative infrastructure projects. He added that the additional support for the modernization and expansion of Velana International Airport will contribute to the growth of the Maldives and increase its capacity to meet the growing demand from the booming tourism industry.
He also stressed that ADFD is committed to strengthening its partnership with the Government of Maldives on effective initiatives that will help realise the aspirations of the Maldivian people, create jobs and advance sustainable development.
The Minister of Finance of the Maldives, in turn, expressed his gratitude to the UAE and ADFD for their continued support in promoting sustainable development in his country, stressing the shared commitment to advancing sustainable development in the Maldives. He added that ADFD’s financing plays a key role in the creation of a modern international airport with world-class services and technologies.
The Velana International Airport Development Project will expand to accommodate up to 26 passenger gates and will include a terminal building for international flights. This expansion will help increase the airport’s overall capacity, which is expected to reach 7.5 million passengers per year.
The Abu Dhabi Fund for Development has been involved in supporting and financing strategic projects in the Maldives since 1976. These projects have played a significant role in improving the quality of life of local communities by developing vital sectors such as transport, energy, tourism and housing.
The financing agreement for the project was signed by Mohammed Saif Al Suwaidi, Director-General of ADFD, and Musa Zamir, Minister of Finance of the Maldives, and a number of officials from both sides attended the signing ceremony.
The ADFD Director-General said that the financing reflects ADFD’s key role in advancing the economic and social development of partner countries through transformative infrastructure projects. He added that the additional support for the modernization and expansion of Velana International Airport will contribute to the growth of the Maldives and increase its capacity to meet the growing demand from the booming tourism industry.
He also stressed that ADFD is committed to strengthening its partnership with the Government of Maldives on effective initiatives that will help realise the aspirations of the Maldivian people, create jobs and advance sustainable development.
The Minister of Finance of the Maldives, in turn, expressed his gratitude to the UAE and ADFD for their continued support in promoting sustainable development in his country, stressing the shared commitment to advancing sustainable development in the Maldives. He added that ADFD’s financing plays a key role in the creation of a modern international airport with world-class services and technologies.
The Velana International Airport Development Project will expand to accommodate up to 26 passenger gates and will include a terminal building for international flights. This expansion will help increase the airport’s overall capacity, which is expected to reach 7.5 million passengers per year.
The Abu Dhabi Fund for Development has been involved in supporting and financing strategic projects in the Maldives since 1976. These projects have played a significant role in improving the quality of life of local communities by developing vital sectors such as transport, energy, tourism and housing.
amacnews.com/vdcc.xqia2bq01y-82.html
Source : news agency wam
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