The Maldives Airports Company Limited (MACL) has affirmed that it is fully capable of repaying the USD 400 million in loans secured for the construction of the new international passenger terminal at Velana International Airport (VIA).

MACL Managing Director and CEO Ibrahim Shareef expressed confidence in the company’s financial strength, noting that its core operations including aircraft refuelling, sea-to-air cargo, and general air cargo handling continue to generate significant revenue. He added that once the new terminal becomes operational, earnings from these services are expected to exceed current revenues from duty-free and food and beverage outlets. The number of airlines operating to and from VIA is also forecast to increase, along with a rise in scheduled flights.

According to details shared by the Ministry of Finance, the funding began during former president Abdulla Yameen’s administration in 2016, with USD 272 million secured through loans from the Kuwait Fund for Arab Economic Development (USD 50 million), the Saudi Fund for Development (USD 100 million), and the OPEC Fund for International Development (USD 50 million). In 2021, former president Ibrahim Mohamed Solih’s administration secured an additional USD 50 million from the Kuwait Fund.

Under President Dr Mohamed Muizzu's Administration, a further USD 100 million was borrowed from the Saudi Fund for Development and USD 40 million from the Abu Dhabi Fund for Development in 2024. Earlier this year, another USD 17 million was raised from the Saudi Fund, bringing the total to USD 400 million.

MACL stated that all loans were secured from reputable Islamic financial institutions, with most carrying a repayment period of up to 20 years. The terminal, currently under development, will be equipped with modern state of the art facilities aimed at enhancing passenger capacity and supporting the growth of air traffic and cargo services.