MACL secures $40 million loan for new VIA terminal
All international flights have been transferred to the new terminal, which opened on 26 July.
Maldives Airports Company Limited (MACL) has secured a USD 40 million loan to finance capital costs associated with the new terminal at Velana International Airport.
Media reports on Wednesday said the loan was arranged through NDB Investment Bank with a repayment period of five years. The transaction involved Hatton National Bank, National Trust Bank and the Sri Lankan branch of Habib Bank.
Commenting on the transaction, NDB Investment Bank Chief Executive Officer Harshana Jayawira said the loan was arranged due to the company’s familiarity with the Maldivian market and its experience in handling such transactions.
NDB Investment Bank previously acted as adviser in the public share offerings of Ooredoo Maldives and Maldives Islamic Bank. The bank has also arranged an USD 18 million revolving credit facility and a USD 10 million term loan for an energy company.
NDB Investment Bank Chief Operating Officer Koshini Lakshmanage said the transaction was completed with the support of participating banks and legal advisers, including FJ&G de Saram and SHC Law & Tax LLP.
Neither MACL nor the government has issued a statement regarding the loan.
All international flights have been transferred to the new terminal, which opened on 26 July. The terminal has capacity to handle 7.5 million passengers annually and is estimated to cost around MVR 7 billion.
The Saudi Fund for Development and the Kuwait Fund for Arab Economic Development have also provided financing for the project.
