The Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million (approximately US$40 million) on December 25, 2024, to support the ongoing development of Velana International Airport in the Maldives. This new financing follows a previous loan of AED 183.5 million (around US$50 million) that was provided in 2017, demonstrating ADFD's long-term commitment to enhancing the Maldives' infrastructure. The financing agreement was signed by Mohamed Saif Al Suwaidi, Director General of ADFD, and Moosa Zameer, Minister of Finance in the Maldives. The expansion project aims to increase the airport's capacity to accommodate 7.5 million passengers annually and will add 26 new gates for passenger access. ADFD has been actively supporting strategic projects in the Maldives since 1976, focusing on sectors such as transportation and tourism, which are vital for the country's economic growth. This investment is expected to significantly boost tourism and improve connectivity for the island nation, further solidifying its position as a key destination in the Indian Ocean region. [4dd856d0]