MVR 1.2b Abu Dhabi financing secured by Solih govt, Ameer says

Finance minister Ibrahim Ameer said on Wednesday that the MVR 1.2 billion pledged by the United Arab Emirates to complete the Velana International Airport (VIA) development project was arranged by the incumbent, and not on the visit by President-elect Dr Mohamed Muizzu this week.

The president-elect's spokesperson Mohamed Firzul told reporters at a press briefing that the Abu Dhabi Fund for Development (ADFD) has assured Muizzu on his one-day unofficial visit to the UAE on Monday that it will provide the necessary funds for the completion of the airport project.

When asked about Firzul's comments, Ameer told Atoll Times that the UAE had assured the government that the funds would be arranged.

"Three to four weeks ago, the Saudi Fund gave $100 million for the airport project. The Arab Coordination Group members are investing in the airport. These include the Saudi Fund, the Kuwait Fund, the Abu Dhabi Development Fund and the OPEC Fund," he said.

Ameer said the government has allocated additional funds for the airport project and has met with the financiers of the project this year and last year.

“They have always committed to filling the [financing] gap,” he said.

The UAE had asked President Ibrahim Mohamed Solih to visit the the country before the first round of the presidential election on September 9, but the president's work prevented him from doing so, Ameer said.

Firzul told reporters on Wednesday that the funds were secured to ensure that the project would be completed and the airport would be opened by next year's tourist peak season.

In addition, Firzul mentioned the UAE's assurances to Muizzu:

Muizzu had on October 30 expressed confidence that the new terminal of Velana International Airport (VIA) will be completed by September 2024, eight months ahead of the current schedule.

Saudi Arabia's Bin Laden Group was awarded the contract to build the new terminal. The company has subcontracted the project to China Harbor Engineering Company (CHEC).

Saudi Arabia has recently decided to provide an additional $100 million loan to complete the terminal.

The airport's new terminal: