OPEC loans MVR 771 million for INIA development

OPEC Fund for International Development has decided to loan MVR 771 million for the development of Ibrahim Nasir International Airport (INIA).

While the OPEC meeting in Australia decided to give USD 300 million in loans to different countries, Maldives received the highest amount of USD50 million.

The loan was given to develop INIA into an airport that can service 7.5 million people. It is a project that would expand the Maldivian tourism and create jobs.

Kuwait Fund has previously loan USD 50 million for the project.

Finance Ministry has said that a number of loan agreements have been signed to acquire the USD 800 million required for the development of INIA.

The project covers adding another runway, expanding terminals and increasing the capacity of the fuel storage.

While the INIA development project is set to be concluded by 2018, the land reclamation and the building of the second runway is underway.