The Ministry of Finance has announced Hanimaadhoo airport development project is expected to cost MVR 1.3 Billion
The development of the Hanimaadhoo International Airport is part of the current administration’s attempt to improve the infrastructure and overall development of the northern atolls.
India has extended a USD 800 million line of credit to finance the development of Hanimadhoo airport. A 5-year moratorium and a 20-year payback period with a 1.25% interest rate will be given under the line of credit structure.
The project is currently in the pre-qualification phase. The cost estimate for the project is expected to be finalized, once the evaluation of tenders is completed.
The government expects to complete the evaluation of bids with India’s EXIM Bank by July and the project is set to be completed in July 2023, as per the current schedule.
According to the government, this project would increase tourism development in the northern atolls. The MVR 1.3 billion airport development project represents the largest investment in the development of northern atolls.