In a significant move to boost the Maldives' aviation infrastructure, CEO of the Saudi Fund for Development (SFD), Mr. Sultan Al-Marshad, signed two development loan agreements with the Minister of Finance of the Republic of Maldives, H.E. Dr. Mohamed Shafeeq. The agreements, worth $100 million, will finance the Expansion of Velana International Airport Project. The signing ceremony was attended by the Kingdom of Saudi Arabia's Ambassador to the Maldives, Mr. Matrek Aldosari, along with officials from both sides.

During the ceremony, Minister Shafeeq expressed his gratitude for the continuous support from the SFD, highlighting the importance of the additional $100 million loan for the expansion and upgrading of Velana International Airport. 

The agreement is aimed at expanding Velana International Airport to accommodate up to 7 million passengers annually. This project will not only enhance the airport's capacity but also improve the efficiency of air cargo services, supporting the socio-economic growth of the Maldives. The development loan builds on the SFD's longstanding commitment to the Maldives, with previous loans since 1978 totaling $225 million, all directed towards constructing and upgrading the airport's infrastructure.

Mr. Sultan Al-Marshad remarked on the strategic importance of the project, stating, "This expansion is crucial for meeting the growing demands of international tourism and trade in the Maldives. It reflects our commitment to fostering sustainable development and economic growth in our partner countries."

The Velana International Airport Expansion Project is expected to bring significant economic benefits to the Maldives by increasing tourism capacity and facilitating smoother, more efficient air travel. This development aligns with the broader goals of enhancing connectivity and promoting economic resilience in the region.