The Maldives government has secured an additional loan of around MVR 770 million from the Kuwait Fund for the development and improvement of Velana International Airport (VIA).
The massive VIA development project, valued more than MVR 5 billion, has received funding from four distinct sources, including the Kuwait Fund. Most of the project, which began during the Yameen administration, is slated to be completed next year.
During a ceremony on Monday, Finance Minister Ibrahim Ameer, on behalf of the Maldives government, and Deputy Director General Nedhal A. Al-Olayan, on behalf of the Kuwait Fund, signed an agreement to obtain additional funds for the infrastructure project. This brings the total funding obtained through the Kuwait Fund to roughly MVR 1.7 billion.
Loans acquired for the VIA expansion project:
- Kuwait Fund: MVR 1.7 billion
- Abu Dhabi Government: MVR 1.1 billion
- Saudi Fund: MVR 1.7 billion
- OPEC Fund for International Development: MVR 1.1 billion
Construction of a new airport terminal is currently underway as part of the development project. Additionally, work on the runway, apron, fuel farm, seaplane terminal, and VIP lounge is nearing completion.
According to MACL, the VIA expansion project is scheduled to be finished by May 2022. Following the completion of the project, VIA will be able to welcome up to 7.5 million passengers per year, which is predicted to significantly enhance the country’s economy.