KFAED inaugurates Velana int'l airport expansion in Maldives
The ceremony was held in the presence of Maldivian President Mohammad Muizzu, Acting Director General of KFAED Waleed Al-Bahar, several government officials, and representatives from the Arab Coordination Group.
In a statement issued by KFAED, the Maldivian President expressed deep appreciation for the generous financial contributions provided by KFAED, the Saudi Fund for Development, Abu Dhabi Fund for Development, and OPEC Fund for International Development.
He noted that the soft loans from these institutions enabled the construction of a modern passenger terminal, supporting the country's infrastructure goals and boosting its vital tourism sector.
President Muizzu hailed the project as a model of joint development and cooperation, stating the new airport facilities will enhance passenger experience, boost the Maldivian economy, and support the nation's rapidly growing tourism industry.
For his part, Al-Bahar stated that KFAED's total contribution to the airport's expansion amounted to KD 37.62 million (USD 123 million).He noted that the expanded airport is expected to serve around 7.3 million passengers annually, helping to stimulate tourism, enhance trade, and open new economic opportunities aligned with sustainable development.
Al-Bahar highlighted that the partnership between Kuwait and the Maldives dates back to 1976, when KFAED provided its first soft loan of USD five million to support the development of the airport, then known as Hulhule Airport.
Since then, KFAED has extended 15 loans totaling KD 61.1 million (USD 199.8 million) to finance development projects in key sectors, including water and sanitation, transport, healthcare, disaster recovery, coastal protection, and fisheries.
He reaffirmed Kuwait's commitment to supporting the Maldives' development journey and expressed optimism for exploring new areas of cooperation in the coming years.
Al-Bahar also praised the ongoing partnership between KFAED and the Arab Coordination Group in financing transformative projects that leave a lasting impact on communities.
The Fund has also provided the Maldives with technical assistance worth KD 1.3 million (USD 4.2 million) and a grant of KD 583,000 (USD 1.9 million) from Kuwait's 'Decent Life Fund for Islamic Countries' to support food security and improve living standards— KUNA
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