Abu Dhabi Fund Grants Additional $40 Million Loan for Velana International Airport Expansion
The Abu Dhabi Fund for Development has provided an additional $40 million (MVR 616 million) to the Maldives for the ongoing development of Velana International Airport (VIA). This new loan agreement aims to accelerate the completion of the airport’s modern terminal, a critical infrastructure project for the island nation.
This is not the first time the Abu Dhabi Fund has supported the Maldives’ flagship airport. Previously, the fund contributed $50 million (MVR 771 million). The project has also received significant backing from the Saudi Fund, which allocated $180 million (MVR 2.8 billion). These contributions underscore the importance of VIA’s development in meeting the country’s growing aviation and tourism needs.
At the signing ceremony, Abu Dhabi Fund Director Mohammed Al Suwaidi emphasized the importance of the project in enhancing the Maldives’ infrastructure. He stated that the newly extended funds would help modernize VIA, allowing it to accommodate increasing passenger volumes and contribute to the nation’s economic growth.
Key Benefits of the New Terminal
The new terminal at Velana International Airport is designed to handle 7.5 million passengers annually, a significant upgrade from the current capacity. This expansion will support the Maldives’ booming tourism industry, which relies heavily on seamless air connectivity.
In addition to increasing passenger capacity, the project is expected to create 1,800 new jobs at the airport. The upgraded facilities will also provide opportunities for more airlines to operate in the Maldives, improving connectivity and supporting tourism growth.
Minister of Finance Moosa Zameer signed the agreement on behalf of the Maldivian government. He expressed gratitude to the Abu Dhabi Fund for its ongoing support, which has been instrumental in advancing key development projects across the country.
The government has prioritized completing the airport development within the coming year. This ambitious timeline reflects the urgency to meet the demands of the growing number of visitors and improve the overall travel experience for both tourists and locals.
Velana International Airport serves as the primary gateway to the Maldives, a nation that relies heavily on tourism as a pillar of its economy. Enhancing the airport’s capacity and facilities is essential for supporting sustainable growth in the sector.
With over 30 airlines already serving the Maldives, the new terminal will position VIA as a more competitive hub in the region. It is expected to attract additional carriers, further boosting the country’s connectivity to key global markets.
The expansion of VIA is not just about infrastructure—it represents a significant step toward economic growth and job creation in the Maldives. By modernizing its primary airport, the nation is ensuring it can meet future demands while maintaining its status as a top-tier travel destination.