Saeed: Finance fully set for airport development

Finance needed for the massive Velana International Airport Development Project is fully set, says Minister of Economic Development, Mohamed Saeed.

In an interview to Public Service Media, Saeed said the agreement signed by President Abdulla Yameen Abdul Gayoom during his recent visit to United Arab Emirates was the last of the finance agreements for the airport development project.

Yameen, during his visit signed a loan agreement with Abu Dhabi Fund for Development. The government has not yet disclosed any details regarding the loan agreement, but Minister says funds from the agreement will be used to develop a passenger terminal at VIA.

Saeed also said a number of UAE businesses had expressed interest in investing in Maldives, and said role of UAE investors in Maldives would soon expand.

Maldives Airports Company Limited (MACL) has invested USD 50 million for the airport development project. Additional funding has been provided by OPEC Fund for International Development (OFID) – which has pledged a USD 50 million loan, Kuwait Fund, and Exim Bank of China.

The massive development project includes building a new runway and a new international passenger terminal at VIA.

The project to build the terminal – designed to serve 7.5 million passengers per year - is contracted to Saudi company, Bin Laden Group. MACL reports the new terminal will have the capacity to serve 3,000 passengers at once, with 40 departure gates and 38 immigration counters.

The project to build the runway is contracted to Beijing Urban Construction Group (BUCG). MACL reports the new runway will be able to accommodate the biggest aircrafts – A380 aircrafts.

The development project also includes 12 new jetties, 6 new aero bridges, a fuel hydrant system and a high-explosive detection system.