Kuwait Fund extends USD 15 mln loan in additional financing for VIA expansion

The Kuwait Fund for Development has extended a USD 15 million loan for the expansion of Velana International Airport (VIA).

The USD 1 billion Airport Expansion and Upgrading Project was launched during former President Abdulla Yameen Abdul Gayyoom's presidency. The agreement for the additional financing required for the project was signed by Minister Ameer on behalf of the Maldives government while Kuwait Fund's Deputy Director-General for Admin and Finance Affairs Mr. Nedhal A Al-Olayan of Kuwait Fund signed the agreement on behalf of the organization.

The Finance Ministry did not disclose further details regarding the agreement.

The VIA Expansion Project includes the construction of a new runway 3,400m long including its technical infrastructure, reclamation and shore protection works, a new fuel farm and a new cargo complex, in addition to developing the taxiway and apron, and provision of navigation, safety, and lighting equipment. The project also includes the construction of a new seaplane terminal, relocation of navigation facilities, and provision of electric power supply. The Project also includes the construction of a new passengers terminal of an area of about 80,000 m², provision of electro-mechanical, water supply and sewerage, and finishings, provision of air traffic equipment, in addition to, institutional support and consultancy services for supervision and project management.