ADFD expands its funding of Velana airport’s development by AED 147 mn

ADFD expands its Maldivian airport funding: The Abu Dhabi Fund for Development (ADFD) will provide an additional loan of AED 147 mn to support the development of Velana International Airport in the Maldives, state news agency Wam reports. The fund provided an earlier loan of AED 183.5 mn in 2017 for the project’s initial phases.

The project aims to expand the airport to accommodate up to 26 passenger gates and a building dedicated to international flights, which can handle 7.5 mn passengers annually.

ADFD and the Maldives go back over 40 years: Since 1976, ADFD supported numerous projects in the Maldives, targeting different sectors such as transportation, energy, tourism, and housing.

The fund has been ramping up its foreign investments: The ADFD finalized a AED 92 mn loan agreement with Rwanda’s government earlier this month to enhance its local water systems. The fund also agreed to allocate AED 183.5 mn to finance the first phase of Ivory Coast’s Social Housing Program in Abidjan. Plus: it will help finance Albania’s new nationwide street surveillance system.