Saudi Fund Extends Additional USD 17 Million Loan for Velana International Airport Development

The Saudi Fund for Development (SFD) has approved an additional loan of USD 17 million to support the ongoing expansion of Velana International Airport (VIA). This funding aims to advance the construction of a new international passenger terminal and enhance cargo facilities, integral components of the airport’s comprehensive development project.

The loan agreement was formalized during a signing ceremony at the President’s Office, attended by SFD CEO Sultan bin Abdulrahman Al-Marshad and Maldivian Finance Minister Moosa Zameer. Minister Zameer emphasized the significance of the airport’s modernization for the nation’s economic growth, expressing gratitude for the longstanding partnership with the Saudi Fund.

The Saudi Fund has been instrumental in VIA’s development, contributing a total of USD 240 million over seven phases. Al-Marshad highlighted the enduring collaboration between the two nations, underscoring the SFD’s commitment to supporting the Maldives’ infrastructure and economic advancement.

The current expansion project is poised to increase VIA’s capacity to accommodate up to 7.5 million passengers annually, aligning with the Maldives’ strategic objectives to bolster tourism and trade. The completion of these upgrades is anticipated to significantly enhance the country’s connectivity and economic resilience.