(MENAFN- Mid-East Info) Abu Dhabi Fund for Development has announced an additional loan of AED 147 million (US$40 million) to support the completion of the Velana International Airport project in the Maldives. This follows an earlier loan of AED183.5 million (US$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.
The financing agreement was signed by His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD; and His Excellency Moosa Zameer, Minister of Finance in the Maldives. Several officials from both sides were present at the signing ceremony.
His Excellency Mohamed Saif Al Suwaidi said:“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.”
He added 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.”
Expressing gratitude to the UAE and ADFD for their continuous support in promoting sustainable development in the Maldives, H.E. Moosa Zameer emphasized the shared commitment to advancing sustainable development in his country.“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 pointed out.
The Velana International Airport development project will be expanded to accommodate up to 26 gates for passenger access to aircraft, in addition to a building for international flights. The new expansion will accommodate the increase in the total capacity of the airport, which is expected to reach 7.5 million passengers annually.
Abu Dhabi Fund for Development has been actively contributing since 1976 to supporting and financing many strategic projects in the Maldives. These projects have played a significant role in improving the quality of life for local communities by developing vital sectors such as transportation, energy, tourism, and housing.
About Abu Dhabi Fund for Development (ADFD)
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private-sector investments. Since its inception, ADFD has marked developmental milestones in 107 developing countries. Spanning the last 50 years, ADFD's development projects and investments, valued at AED216 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations' Sustainable Development Goals (SDGs).
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