Finance Minister: Hoping to secure funding for airport development by the year’s end

Minister of Finance and Treasury, Ahmed Munawar has said that all the agreements to receive the funding for the massive development of Ibrahim Nasir International Airport (INIA) will be signed by the end of the year.

The Finance Minister made the remark at the USD 100 million loan agreement signing ceremony with Saudi Fund for Development tonight at Kurumba Resort.

Finance Minister, Munawar said that government’s development project of INIA,main entrance of the Maldives, has been receiving massive international support. The Minister said that with their support, the airport development project can be completed by 2018.

“There are two main things in this project,” the Minister said, “that is new terminal and a runway and the relation infrastrcutures. We are hoping, before this year ends, to secure all the agreements for the funding required for the development of the airport.” Minister Munawar said.

Funds secured for the project so far include MVR 771 million from the OPEC Fund for International Development, MVR 50 million from Kuwait Fund and USD 100 million from the Saudi Fund for Development received tonight.

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.