Government borrows USD 50 million loan from Kuwait for VIA project

Government obtains USD 50 million loan from Kuwait for VIA project. | Photo: Finance Ministry

Male’, Maldives – Government of Maldives obtains an additional loan of USD 50 million from Kuwait for the Expansion & Upgrading of Velana International Airport (VIA) Project.

At the ceremony held today, Finance Minister of Maldives, Ibrahim Ameer signed an agreement with Deputy Director General for Admin & Finance Affairs Mr. Nedhal A Al-Olayan of Kuwait Funds to finance the Maldivian Government with KWD 15 million for the VIA project. This is USD 49.9 million or MVR 770 million.

While the new runway project of the VIA, carried out under this project, has been officially completed, the VIA project also includes of developing a fuel farm, cargo terminal, VIP building and seaplane terminal at the main international hub of the Maldives.

The fuel farm project will expand the fuel storage capacity of jet fuel from 15 million to 45 million liters, petrol to 100,000 litres, and diesel to a million liters, in addition to a modern fuel hydrant system which will replace fuel bowsers currently in operation.

The VIA development project, worth upto USD 1.25 billion was commenced during the previous administration of President Abdulla Yameen.