Abu Dhabi Fund for Development Extends Loan for VIA Upgrade

The Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million (USD 40 million) to support the ongoing upgrade of Velana International Airport (VIA) in the Maldives. 

This follows a previous loan of AED 183.5 million (USD 50 million) provided in 2017 for the initial phases of the project.

advertisement

The new financing agreement was signed in Abu Dhabi on Tuesday by Maldivian Finance Minister Moosa Zameer and ADFD Director General Mohamed Saif Al Suwaidi, with several officials from both parties in attendance.

Al Suwaidi highlighted that the funding underscores ADFD’s role in driving economic and social development through infrastructure projects. “The additional support for the modernization and expansion of Velana International Airport will foster the Maldives’ growth, helping to meet the rising demand of the thriving tourism sector,” he said. He further noted that the project aligns with the Maldivian government’s development objectives.

Minister Zameer expressed gratitude for the continued support of the United Arab Emirates and ADFD, recognising their contribution to the Maldives’ sustainable development. “The ADFD funding is crucial in developing a world-class international airport, marking a key milestone in our national objectives to enhance infrastructure, improve the travel experience, and boost tourism revenues, which are vital to our economy,” he said.

The VIA expansion will include the construction of a new international passenger terminal designed to accommodate up to 7.5 million passengers annually.

Since 1976, ADFD has funded numerous projects in the Maldives, contributing significantly to the development of vital sectors such as transportation, energy, tourism, and housing, ultimately improving the quality of life for local communities.