Zameer: Loan for airport development would not be paid with the state budget

Tourism Minister Moosa Zameer has said that the loan acquired from the Exim Bank of China would not be paid back with the state budget.

Exim Bank of China has given a loan of USD 373 million for one of the biggest projects in the development of Ibrahim Nasir International Airport (INIA), the new runway.

Speaking to the press at the airport after his visit to Beijing to secure the funds for the development of INIA, Minister Zameer said that President Yamin’s thinking is to work from the companies instead of weighing the state budget.

Minister Zameer said that the loan would be paid back not from the state budget, but with the earning from running the airport.

“This loan taken by the Airports Company (MACL), actually won’t have to be paid with the state budget. That loan is set to be paid back by the profits of developing and running the airport.” Tourism Minister Zameer said.

While the Exim Bank of China has now agreed to the loan, a grace period of five years has been given by the bank. Minister Zameer said that the project would be completed within that time and the loan payments would begin to be paid back in 15 years. He said that this loan has the smallest interest rate among the loans given by the Chinese banks.

Zameer said that a contractor would be chosen from the new terminal at the airport in February and half of the cost of the project has been covered.

Aside from the Tourism Minister Zameer, Ambassador Mohamed Faisal, Managing Director of MACL, Adhil Moosa, State Minister of the Finance Ministry, Ahmed Munawar and the Deputy for the Attorney General, Ahmed Husham took part in the visit to the China.