In a major step forward for the Maldives’ tourism infrastructure, the Saudi Fund for Development (SFD) has extended an additional USD 18.61 million loan to support the expansion of Velana International Airport (VIA), the main gateway for international travelers visiting the island nation. The agreement was signed during an official ceremony held at the President’s Office, with Minister of Finance and Treasury, Hon. Moosa Zameer, representing the Government of Maldives, and SFD Chief Executive Officer, H.E. Sultan bin Abdulrahman Al-Murshid (O.D.R.M.D), signing on behalf of the Saudi institution.
The latest funding, equivalent to 63.75 million Saudi Riyals, adds momentum to a strategic national project that plays a vital role in facilitating the Maldives’ flourishing tourism sector. The expansion is expected to increase the airport’s passenger handling capacity and improve its ability to accommodate more international airlines. According to the Ministry of Finance, these upgrades will directly contribute to the country’s economic growth by increasing tourist arrivals, enhancing service quality, and supporting broader sectors such as trade, transport, and hospitality.
President Dr Mohamed Muizzu, who was present at the ceremony, underscored the importance of the SFD’s continued support in advancing the Maldives’ development goals. The airport’s expansion is seen as a cornerstone of the country’s economic strategy, with tourism accounting for the largest share of national income and employment. Enhanced infrastructure at VIA is expected to translate into a more seamless travel experience, further solidifying the Maldives’ global appeal as a premier travel destination.
This financial commitment builds on a longstanding partnership between the Maldives and the Saudi Fund for Development. Since its inception, the SFD has provided over USD 470 million in assistance to the Maldives across key sectors, including healthcare, housing, fisheries, and transport. In May 2024, the SFD pledged an additional USD 150 million to the country, of which USD 100 million was directed specifically to the VIA expansion and USD 50 million towards the development of healthcare services, including the construction of three new hospitals.
Established in 1974 by the Kingdom of Saudi Arabia, the SFD continues to be a key development partner for many countries, promoting economic resilience through soft loans and grants. Its sustained contributions to the Maldives reflect a shared vision of prosperity and progress, particularly in areas that drive inclusive growth and international engagement.
As the Maldives continues to welcome millions of visitors each year, investments in modern, efficient, and high-capacity infrastructure like VIA will ensure the nation remains at the forefront of the global tourism industry, offering unmatched natural beauty, warm hospitality, and now, a world-class travel experience right from the moment tourists arrive.
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