Abu Dhabi Fund for Development Allocates $50M for Velana

  • Business & Finance

Abu Dhabi Fund for Development (ADFD) said in its latest release that they have sanctioned $50 million concessionary loan to develop the Velana International Airport in Malé, the Maldives.

The project includes the construction of a new 3,400m runway with a breakwater and rehabilitation of the old runway, ADFD said.

In addition, the funding will help build new west passenger terminal and maintenance building, and complete phase-1 works of the south terminal.

ADFD director general, Mohammed Saif Al Suwaidi, said: “This new collaboration further solidifies the strong and close bilateral ties shared between the UAE and the Maldives.”

“Our loan aims to promote socio-economic development in the Maldives through upgrading the airport’s facilities and expanding its operating capacity to 26 aircrafts in order to cope with the steady growth of the tourism sector. As an added benefit, this crucial project will go a long way in creating new jobs and reducing unemployment.”

The reclamation of 3.2 hectares of land for the new terminal ended in June 2017.

The new terminal along with a new runway, both being built by Beijing Urban Construction Group (BUCG), are set to be completed by mid-2018.

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