Saudi Fund loans USD 100 million for airport development

Saudi Fund for Development has loaned USD 100 million required for the new terminal which is part of the government’s mega project to develop Ibrahim Nasir International Airport (INIA).

The loan agreement was signed at a special ceremony held at Kurumba Resort tonight. At the ceremony, Finance Minister, Ahmed Munawar signed the agreement on behalf of the Maldivian Government.

And on behalf of Saudi, the agreement was signed by the Vice Chairman and Managing Director of the Saudi Fund for Development, Yousef Ibrahim Al-Bassam. While the loan money have been passed to the Maldivian government tonight, a five-year grace period was given for the loan.

The loan has to be fully repaid in 25 years.

The development of INIA is an USD 800 million project.

INIA development is contracted to Saudi’s Bin Laden Group for USD 300 million.

The project covers adding new terminal and another runway which is to be 3400 meters long and 65 meters wide. The land reclamation is underway to build the new runway.

The new terminal is being built to service 7.5 million people a year. The airport is currently being used by an average of three million people a year. Maldives Airports Company Limited said that the new terminal can serve 3000 passengers at a time while the current capacity is 1000 passengers.

The new terminal is to contain:

• 40 Departure Gates

• 12 jetties with roof

• six aerobridges, expanded into four

• Baggage screening and baggage service belts

• High Explosive detection system

• Fuel hydrant system