Maldives has signed a loan agreement with the Saudi Fund for Development (SFD), for the expansion of Velana International Airport (VIA).
Under the agreement penned this morning at the President’s Office, 63،750،000 (sixty three million seven hundred and fifty thousand) Saudi Riyals is pledged as additional finances.
This amounts to roughly USD 17 million or MVR 261.8 million.
Minister of Finance and Planning Moosa Zameer and Chief Executive Officer of SFD, Sultan bin Abdulrahman Al-Murshid (O.D.R.M.D) signed the agreement on behalf of the government of Maldives and SFD respectively.
This financial support is expected to accelerate the VIA development project, which in turn is projected to facilitate an economic boost.
In addition to increasing the passenger capacity of VIA, the project is expected to advance trade and connectivity, which will have a progressive impact on the tourism industry.
