The Ministry of Finance and the Abu Dhabi Fund for Development (ADFD) have signed an agreement for an additional USD 40 million loan to accelerate the construction of the new terminal at Velana International Airport (VIA).

The agreement was signed by Finance Minister Moosa Zameer on behalf of the Ministry of Finance, while ADFD Director General Mohamed Saif Al Suwaidi represented the fund.

Previously, two loans were secured for this project: USD 180 million from the Saudi Fund for Development and USD 50 million from the ADFD.

Finance Minister Zameer highlighted that the VIA development project is integral to achieving the Maldives' national development goals. He emphasised that the expansion will enhance the tourism sector’s revenue potential and improve overall economic growth.

Alongside outlining the project’s economic benefits, Zameer also expressed gratitude to the United Arab Emirates, particularly the ADFD, for their continued support in the Maldives' development journey.

ADFD Director General Mohammed Saif Al Suwaidi underscored the significance of the agreement, stating that modernising VIA's terminal represents a transformative step for the Maldives, further strengthening its tourism sector and enabling it to meet growing international travel demand.

The new terminal at Velana International Airport, expected to be completed by mid-next year, is projected to accommodate 7.5 million passengers annually. This represents a significant increase from the airport's current capacity, which accommodates around 1.5 million passengers annually.