President Abdulla Yameen Abdul Gayoom Sunday lauded OPEC Fund for International Development (OFID) as a close development partner of the Maldives, expressing appreciation for the support and cooperation extended to the Maldives over the years.
During a meeting with the visiting Director-General OFID Suleiman J. Al-Herbish, president Yameen discussed the ongoing assistance by OFID in enhancing and strengthening education, health, water, agriculture and transport sector of the Maldives, according to the president's office.
The President mentioned that the development of these sectors would benefit the economy and prosperity of the country, a statement released after the sit-down read.
"The call concluded with exchanges of hope and confidence in continued support and cooperation between OFID and the Maldives."
The meeting came hours after the government signed an agreement with OFID to secure USD50 million to fund the ongoing project to develop the archipelago's main airport.
Finance minister Ahmed Munawwar told Avas that the government would need to repay the loan in fourteen years with a four year grace period.
The government would use the funds to build a new terminal at the Ibrahim Nasir International Airport (INIA), the minister added.
OFID had decided to grant the loan its Governing Board’s 156th meeting in Australia in September.
OFID had approved grants of total USD300 million to 22 states at the meeting, with the Maldives included among the countries to receive one of the largest loans.
OFID had said the development of INIA will have major positive impacts on the island nation’s economy and tourism. With the expansion, INIA will be able to cater 7.5 million passengers per year in addition to creating more jobs.
The development of INIA into a state-of-the-art airport was awarded to Saudi Arabian firm Saudi Binladen Group. The project is estimated to cost total USD 800 million.
The airport’s new runway, fuel farm and cargo storage are being developed by China’s Beijing Urban Construction Group (BUCG). The Export-Import Bank of China (EXIM) had granted the Maldives USD 373 million for the project.
The first phase of INIA development is to be completed in 2018.
