India's Renaatus has been contracted to develop Gan International Airport (GIA) in Addu City.

The agreement was signed on behalf of GIA by Managing Director Gais Naseer and Chairman of Renaatus, Selvasundaram Poosapan at a ceremony held at Meerumaa on Sunday.

GIA development project will be funded through a loan by India's Exim Bank.

GIA will be developed with a passenger terminal to cater to 1.5 million passengers annually. As such, GIA will have duty-free shops, restaurants, lounge, cold storage, cargo services, and a new control tower and fire station.

Renaatus was awarded the contract among 7 pre-qualified companies. The government is gearing to begin the GIA development project this year.