Development aid agency Abu Dhabi Fund for Development (ADFD) said on Wednesday it extended a $50 million (AED183.65 million) concessionary loan to the Maldivian government to develop the Velana International Airport in Malé.
“Our loan aims to promote socio-economic development in the Maldives through upgrading the airport’s facilities and expanding its operating capacity to 26 aircrafts in order to cope with the steady growth of the tourism sector,” said Mohammed Saif Al Suwaidi, Director General of ADFD.
The loan agreement was formalised in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during the official visit of His Excellency Abdulla Yameen Abdul Gayoom, President of the Maldives.
Over the past four decades, ADFD has financed infrastructure, telecommunications, transport, housing and energy projects in the Maldives valued at more than AED109 million.
Since its inception in 1971, ADFD has financed development projects to the tune of AED77 billion in more than 80 countries around the world through concessionary loans and Abu Dhabi government grants.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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