The Maldivian government has secured a USD 40 million loan from the Abu Dhabi Fund for Development (ADFD) to complete the final stages of the Velana International Airport terminal project.

The loan agreement, equivalent to approximately MVR 616 million, was recently signed by Finance Minister Moosa Zameer and ADFD Director General Mohamed Saif Al Suwaidi.

Following the signing, Zameer expressed gratitude to the United Arab Emirates and ADFD for their continued support in the Maldives' development efforts. He highlighted the significance of this partnership in facilitating key projects over the years.

“This marks a critical milestone in achieving our national goals of developing infrastructure in the transport sector, enhancing the travel experience, and boosting tourism revenue, a cornerstone of our economy,” Zameer said during the ceremony.

ADFD Director Al Suwaidi emphasised the importance of the loan in modernising Hulhulé Airport to meet the growing tourism demand. He also expressed a commitment to strengthening ties with the Maldivian government.

Previously, ADFD provided a USD 50 million loan for the project's first phase. With the addition of the new loan, the total debt for the project now stands at USD 90 million.

Managed by the royal family of Abu Dhabi, ADFD operates under the United Arab Emirates government. Established on 15 July 1971, the fund is chaired by Vice President and Deputy Prime Minister Mansour bin Zayed al-Nahyan. It provides soft loans for sustainable development projects, long-term investments, and support for developing countries.

The new passenger terminal is a key component of the Velana Airport expansion project initiated by former President Abdulla Yameen. Once completed, the expanded airport, including the passenger terminal, is expected to more than double its capacity to handle 7.5 million passengers annually.