ADFD extends additional Dhs147m loan for airport project in Maldives

Abu Dhabi Fund for Development (ADFD) has announced an additional loan of Dhs147 million ($40 million) to support the completion of the Velana International Airport project in the Maldives.

This follows an earlier loan of Dhs183.5 million ($50 million) provided in 2017 for the project’s initial phases, highlighting the airport’s vital role in driving tourism, a key pillar of the Maldivian economy.

The financing agreement was signed by Mohamed Saif Al Suwaidi, Director General of ADFD; and Moosa Zameer, Minister of Finance in the Maldives.

Several officials from both sides were present at the signing ceremony.

Mohamed Saif Al Suwaidi said, “This funding reflects the critical role of ADFD in driving economic and social development in partner countries through transformative infrastructure projects. The additional support for the modernisation and expansion of the Velana International Airport will promote the Maldives’ growth, as it increases capacity to meet the rising demand from a thriving tourism sector.”

He added that these efforts align with the Maldivian government’s development objectives. “ADFD is committed to deepening its partnership with the Government of the Maldives, collaborating on impactful initiatives that fulfill the aspirations of the Maldivian people, generate employment opportunities, and drive sustainable development.”

Expressing gratitude to the UAE and ADFD for their continuous support in promoting sustainable development in the Maldives, Moosa Zameer emphasised the shared commitment to advancing sustainable development in his country.

“The ADFD funding is instrumental in establishing a state-of-the-art international airport equipped with world-class services and technologies. This marks a major milestone in achieving our national goals of developing infrastructure in the transport sector, enhancing the travel experience, and boosting tourism revenues - key pillars of our national economy,” he pointed out. The Velana International Airport development project will be expanded to accommodate up to 26 gates for passenger access to aircraft, in addition to a building for international flights. The new expansion will accommodate the increase in the total capacity of the airport, which is expected to reach 7.5 million passengers annually.

Abu Dhabi Fund for Development has been actively contributing since 1976 to supporting and financing many strategic projects in the Maldives. These projects have played a significant role in improving the quality of life for local communities by developing vital sectors such as transportation, energy, tourism, and housing.

Meanwhile the partnership between Abu Dhabi Fund for Development (ADFD) and the Government of Bahrain represents a model collaboration for sustainable development.

Since 1974, this strategic relationship has supported Bahrain’s economic vision and contributed to its comprehensive development goals.

To date, ADFD has financed 33 development projects in the country, totaling Dhs23 billion. These initiatives span critical sectors such as housing, energy, transport and health, helping to meet financial needs and support Bahrain’s fiscal balance program for 2023 and 2024, boosting the economy.

The Fund continues with its development initiatives aligned with Bahrain’s Economic Vision 2030, reinforcing strong ties between the two nations. The projects financed by ADFD have improved the quality of life, supported sustainable development goals, and helped the government meet the various needs of its citizens.

Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, congratulated the Bahraini government, leadership, and people on the country’s National Day, wishing the Kingdom continued prosperity.

“The strategic relationship with the government of Bahrain is a unique model of development cooperation that has endured for more than 50 years. This partnership has resulted in significant achievements in many economic sectors, contributing to achieving comprehensive development that benefits Bahraini society,” Al Suwaidi said.

He added that the Gulf Development Fund program for the Kingdom of Bahrain, which was approved in 2013, represented one of the most prominent aspects of this cooperation.

“The programme exemplifies the support the UAE provides on sustainable development through ADFD, strengthening infrastructure and vital sectors in alignment with the Kingdom’s development goals,” he added. The partnership between ADFD and the Bahraini government highlights the strength of Gulf cooperation in achieving sustainable development goals.

The Fund’s financial and technical support boosts Bahrain’s ability to implement key national projects, creating jobs and improving services for citizens. This collaboration reflects the shared vision and strong ties between the two countries.