The Abu Dhabi Fund for Development (ADFD) has extended an additional loan of AED147m ($40m) to support the completion of the Velana International Airport development in the Maldives.
This investment follows a previous loan of AED183.5m ($50m) provided in 2017.
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The expansion of the Velana International Airport will include up to 26 gates for passenger access to aircraft and a new building for international flights, aiming to boost the airport’s capacity to 7.5 million passengers a year.
The project’s goal is to enlarge the airport on Hulhule Island by upgrading its facilities to match the steady increase in inbound tourism.
It encompasses the construction of a new 3,400m runway, waiting lounges for large Airbus aircraft, and a breakwater, alongside the rehabilitation of the old runway.
The project will also increase the operational capacity to 26 aircraft with the development of the new West Passenger Terminal and an international terminal.
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By GlobalDataThe ADFD loan will finance phase one of the South Terminal, expand cargo loading, maintenance, and storage areas by approximately 6,000m2, and relocate existing infrastructure outside the project area.
Additional facilities include a private jet area, a civil defence station, a cargo terminal with a 120,000t annual capacity, and a Jet A-1 fuel station with a 45,000m3 capacity.
ADFD director general 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 modernisation 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.”
