Economic Minister Mohamed Saeed has confirmed that all the necessary loans required for the development of Velana International Airport has already been acquired.
Minister Saeed had stated the recent trip of President Abdulla Yameen to United Arab Emirates had finalized the an agreement acquiring the needed remainder of loan for the airport development.
It was reported that President Yameen had signed a USD 50 million agreement with Abu Dhabi fund of UAE.
State expects the current international terminal housing 4.5 million visitors simultaneously will be bumped to cater for 7 million post development. The new international passenger terminal is estimated to accost for USD 350 million.
The new passenger terminal works have been assigned to Saudi Bin-Ladin Group.
Features of the new international passenger terminal
* Area: 90,000 square meter
* 40 departure gates
* 38 immigration counters
* 12 jetties
* 6 aero-bridges
* baggage screening and baggage service belts
* high explosive detection system
* fuel hydrant system
Under the developmental phase, an additional runway is being developed which boasts 3,400 meters in length with a width of 60 meters, with a total project cost of USD 400 million and a new fuel farm holding 48 million liter will be enacted under the phase as well.
State aims to complete the airport development works in 2018, while the expected expenditure for the project is valued above USD 1 billion.
