Saudi agrees to express loan to develop the new terminal at INIA

Saud Arabia has agreed to an express loan to develop and complete a new runway and terminal in 2017 at Ibrahim Nasir International Airport (INIA).

Fisheries Minister, Dr. Mohamed Shainee told Sun Media tonight that with the decision by Saudi to give an express loan to develop INIA, the Finance Ministry is now reviewing the terms of the loan. Minister Shainee did not give any details on the loan itself.

He said that a loan of USD 340 million is expected from Saudi to develop the new terminal at INIA and hopes that the interest rate set for the loan would be low.

Economic Minister, Mohamed Saeed previously said that the originally estimated USD 400 million to develop the new terminal would be doubled. He said that the number doubles because other services are also to be developed under the Government’s master plan for the airport.

Fisheries Minister, Dr. Shainee said that the Saudi Government has also agreed to loan of USD 80 million for the development of the Youth City in Hulhumalé.

He said that the agreement signing for that loan would be held tomorrow at the Finance Ministry. Dr. Shainee said that the interest rate and the repayment period would be shared with the media at the ceremony tomorrow.

Earlier this year, the Saudi Government gave USD 20 million as budget support to the Maldives. And aside from the economic projects planned by the Government, Saudi gave USD 2 million for the I-Haven project.