Monday
18th Nov 2024
Dhivehi Edition
Minister Ameer and Deputy Director-General for Admin and Finance Affairs Nedhal A. Al-Olayan of the Kuwait Fund. Photo: Finance Ministry
The government of Maldives and Kuwait have signed an agreement to procure an additional loan of USD 50 million to fund the development of Velana International Airport (VIA) initiated by the previous administration.
According to the agreement signed today between the Maldivian government and the Kuwait Fund, the fund has decided to provide 15 million Kuwaiti Dinar. KWD 15 million is equivalent to USD 49.95 million, or MVR 770 million.
The agreement was signed by Minister of Finance Ibrahim Ameer on behalf of the Maldivian government, and Deputy Director-General for Admin and Finance Affairs Nedhal A. Al-Olayan of the Kuwait Fund.
An A380 aircraft has landed on the new runway constructed under the project initiated by former President Yameen Abdul Gayoom. However, the current government has yet to commence official use of the runway.
The project President Yameen initiated by obtaining loans from the Saudi Fund, Emirates, and Kuwait Fund, as well as China's Exim Bank, is worth USD 1 billion.
Experts have expressed concern as development under the project has slowed and missed deadlines since the change in power in 2018.