Maldives Government secured USD 215 million (MVR 3.3 billion) in loans to support the development of Velana International Airport (VIA).

The loan is part of a larger borrowing package of USD 334 million (MVR 5.2 billion) taken by the state last year, with 80 percent allocated specifically for the VIA project, according to data shared by the Ministry of Finance.

The funding for the airport’s development comes from three major loans. These include a USD 100 million (MVR 1.5 billion) loan from the Saudi Fund for Development, USD 75 million (MVR 1.2 billion) from the Export Import Bank of China, and USD 40 million (MVR 617 million) from the Abu Dhabi Fund for Development. The loan from the Export Import Bank of China will be used for refinancing and upgrading the existing infrastructure at VIA.

The Government had initially aimed to open a section of the newly developed terminal during the peak season of last year. However, it was later decided to open the terminal in June or July of this year. This decision followed a request from the Maldives Airline Operators Committee (AOC), which is recognized by the International Air Transport Association (IATA), and was advised by President Mohamed Nasheed, in consultation with President Mohamed Muizzu.