Minister of Finance and Treasury Ibrahim Ameer on Saturday stated that the Hanimaadhoo Airport development project will lead to a revolution in the Maldivian economy.
Ministry of Economic Affairs has previously announced that the official signing ceremony for this project is set to be held on Sunday night.
The project valued at USD 136.6 million was awarded to India's JMC Projects Limited in August.
Financed by Line of Credit from India’s EXIM Bank, and executed between the Government of Maldives and the Bank in 2019 – which comprises of a scope of a 2.46-kilometre new runway and a terminal with an annual capacity of 1.3 million passengers.
Other facilities required to expand international travel will also be developed under the project.
Speaking about the project, Minister Ameer said that beyond developments in the region, it would bring an economic revolution to the entire nation.
"This is the first time such a large investment is made in an area outside of Male' region."
Moreover, the minister noted that despite the various challenges faced due to the impacts of the global economy, President Ibrahim Mohamed Solih's administration has brought more well-rounded development in numerous areas to the country.
The Hanimaadhoo Airport development project is one of the most noteworthy ones by the Solih administration.
Economic Ministry predicted physical work on the project to commence by the end of 2022, be completely finished by 2024, and be opened for services.