Mal©: Chief Executive Officer of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad participated in the inauguration ceremony of the Velana International Airport development project, in the presence of President of the Republic of the Maldives Dr. Mohamed Muizzu. The SFD is contributing to the project's financing through soft development loans totaling $217 million. The ceremony was also attended by Ambassador of Saudi Arabia to the Maldives Yahya bin Hassan Al-Qahtani.
According to Saudi Press Agency, the project reflects over 47 years of close development cooperation between the two sides and coincided with the 60th anniversary of the Maldives' independence. The Velana International Airport development project aims to support infrastructure and promote growth in the country's aviation sector through the construction of modern terminals for both international and domestic travel, as well as an integrated seaplane terminal.
The project will increase the airport's capacity to 7 million passengers annually, with future readiness to accommodate up to 15 million passengers per year. It also contributes to facilitating passenger movement, improving the efficiency of air cargo and logistics services, and positively impacting trade activity and economic development in the country.
Since 1978, the SFD has financed 17 development projects in the Republic of the Maldives through soft development loans amounting to approximately $488 million. These projects have covered sectors such as social and infrastructure development and transport, supporting social growth and enhancing economic prosperity in the Maldives.