Finance Minister
Abhishek Mukherjee 
Maldives has acknowledged delays in the Velana International Airport (VIA) development project but stated it is working to complete the project as soon as possible, according to Finance Minister Moosa Zameer.
The statement was made during a signing ceremony held on Monday for a USD 17 million (MVR 261 million) loan agreement with the Saudi Fund for Development. The agreement marks the third instance of funding support from the Saudi Fund for the VIA development.
Zameer noted that the development project, which began in 2016, has received financial assistance from the Saudi Fund since its inception. He added that the fund has supported the Maldives in several sectors, including healthcare, housing, and disaster relief.
“The Saudi Fund has been assisting Maldives since 1978, starting with the development of the airport,” Zameer said. “This agreement brings the total development assistance from the Saudi Fund for VIA to USD 217 million.”
He said the government acknowledges the delay in the airport project and confirmed efforts are being made to address challenges and prioritise its completion.
“The airport expansion is a national priority. The government is working to ensure progress is made in a timely manner,” he added.
Speaking at the ceremony, Sultan bin Abdul Rahman Al-Murshid, CEO of the Saudi Fund for Development, stated that the relationship between the Maldives and the Saudi Fund has spanned 47 years.
He said the new agreement would support the Maldives’ efforts to expand and enhance airport services and contribute to the country’s economic and social development.
“The expansion will increase passenger handling capacity to 7 million annually and support the growth of air cargo operations. It is also expected to generate employment opportunities,” Al-Murshad said.
The Saudi Fund has provided seven separate financial supports for the airport project to date, totalling approximately USD 242 million. Overall, the Saudi Fund has extended USD 488 million in assistance to the Maldives since 1978.
Other financial institutions contributing to the VIA development include:
- Abu Dhabi Fund: USD 90 million
- OPEC Fund: USD 50 million
- Kuwait Fund: USD 50 million
- China Exim Bank: USD 373.9 million
The new terminal project was awarded to Saudi Bin Laden Group in May 2016, with construction subcontracted to China Harbor Engineering Company (CHEC). The terminal’s total estimated cost is USD 350 million (MVR 5.3 billion).
Once completed, the terminal is expected to handle 7.5 million passengers annually. The facility will feature 40 departure gates, 38 immigration counters, and multiple aero bridges for boarding and disembarkation.
