On May 16, 2024, Government of the Republic of Maldives and the Saudi Fund for Development (SFD) signed financing agreements for two vital projects.
The Velana International Airport (VIA) is a crucial gateway for the Maldives, connecting the archipelago to the world. Maldivian government secured additional loan of $100 million for the on going expansion project.
The expansion project aims to boost VIA’s capacity, allowing it to handle more inbound tourists and flights. By accommodating additional airlines, the airport will play a pivotal role in sustaining the Maldives’ thriving tourism industry.
The expansion is not limited to the airport itself. It is expected to stimulate related industries such as hospitality, retail, and transportation. As more tourists arrive, local businesses will benefit, contributing to the overall economic prosperity of the nation.
In summary, the loan signing represents a strategic partnership between the Maldives and the SFD, with both projects contributing significantly to the nation’s development. The VIA expansion will bolster tourism and economic growth, while the Health Sector Development Project will enhance the well-being of Maldivians through improved healthcare services.
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