Boosting Tourism with Enhanced Infrastructure
Abu Dhabi Fund for Development (ADFD) has extended an additional $40 million loan for the Velana International Airport project in the Maldives. This brings ADFD’s total loan support for the airport’s modernisation and expansion to $90 million, underscoring its commitment to enhancing critical infrastructure in the region.
A Step Towards Tourism Growth
The Velana International Airport project, a cornerstone of the Maldivian economy, is being modernised to meet the rising demands of the country’s booming tourism sector. The additional $40 million loan, announced by ADFD, follows an earlier $50 million loan granted in 2017 for the initial phases of the project.
Mohamed Saif Al Suwaidi, Director General of ADFD, highlighted the fund’s role in supporting partner countries’ growth:
“This funding reflects the critical role of ADFD in driving economic and social development through transformative infrastructure projects. The modernisation of Velana International Airport will bolster the Maldives’ economy by increasing capacity and creating opportunities.”
Expanding Capacity for Tourism
The expanded airport is set to accommodate up to 26 gates for passenger access and an international flight terminal, enabling it to handle 7.5 million passengers annually. The enhanced capacity is expected to significantly boost tourism revenues, which are central to the Maldivian economy.
Maldives Finance Minister Moosa Zameer expressed gratitude for the UAE’s support, noting:
“The ADFD funding is instrumental in establishing a state-of-the-art airport equipped with world-class services. This milestone aligns with our national goals to enhance infrastructure, improve travel experiences, and drive economic growth.”
ADFD’s Legacy of Global Support
Established in 1971, ADFD has been a key partner in development for over 50 years. Since 1976, it has contributed to various strategic projects in the Maldives. Globally, ADFD has supported 107 developing nations, with investments worth $58.8 billion, aimed at sustainable development and economic growth.
With ADFD’s additional $40 million loan, the Velana International Airport project is set to transform Maldives’ tourism infrastructure. The partnership reflects ADFD’s ongoing dedication to fostering economic and social development in emerging nations, ensuring long-term sustainability and growth.
