OFID grants USD 50 mn loan for airport development

OPEC Fund for International Development (OFID) has granted a USD 50 million loan for the development of Ibrahim Nasir International Airport (INIA).

The loan agreement was signed in a function held this Sunday at Hotel Jen by Minister of Finance and Treasury of Maldives, Ahmed Munawwar and Director General of OFID, Suleiman Jasir Al-Herbish.

Speaking during the function, Minister Munawwar said that the USD 50 million loan had a grace period of four years, and needed to be paid back within 14 years.

Munawwar said that the State has so far arranged USD 570 million of the USD 800 million needed for the airport development project via loans.

The amount includes USD 100 million loan by Saudi Fund for Development, USD 50 million loan by Kuwait Fund, USD 370 million loan by Exim Bank of China, and the USD 50 million loan by OFID.

Munawwar said that additional financial institution had promised more loans, and that financial arrangements for the entire amount needed for the project would be completed within 2017.

Meanwhile, the airport development project is underway with Beijing Urban Construction Group building a new runway, and Saudi Binladin Group building the new international passenger terminal.