Loan agreement with OFID signed

International Fund for International Development, OFID has signed an agreement with Maldives to provide 50 million dollars to develop Ibrahim Nasir International Airport.


The agreement was signed in a ceremony held at Hotel Jen. Finance Minister Ahmed Munawwar signed the agreement on behalf of Maldives. Speaking after the ceremony, Minister said that the loan should be repaid within 14 years after a grace period of 4 years. Hence, the government will get 18 years to repay the loan.

Additionally, Saudi Fund and Kuwait Fund also provided finances to develop the airport. Furthermore, Abu Dhabi fund is to provide a 40-million-dollar loan. Finance Minister said that all the finances needed to develop the airport has now been secured.

The development of the new terminal was contracted to Binladin group of Saudi Arabia. The government is developing a new runway and a modern terminal at Ibrahim Nasir International Airport. The new runway is being developed with Chinese Aid and loans.