MVR 416 mill. generated as Airport Development Fee

MVR 416.2 million has received as Airport Development Fee from Velana International Airport thus far this year.

Finance Ministry's Weekly Fiscal Development statistics how MRV 416.2 million was received as ADF by end of last week. MVR 705.6 is projected to be received s ADF during the current year.

The government imposed ADF on passengers departing from Velana International Airport from May 2017 at a rate of USD 25 per foreign passenger and USD 12 per Maldivian passenger. The government had estimated that MVR 575 million would be generated as ADF. However, after the fee charged on Maldivian passengers was changed from USD 25 to USD 12, the projected amount was reviewed to MR 329.9 million.

The mega-project to develop Velana International Airport is being funded from several loans taken from different sectors. It is estimated that over US$ 800 million will be spent on the airport development project.