ADFD approves $50m funding for development projects in Maldives
The deal aims to strengthen the Maldivian government’s efforts to promote socio-economic development
The Abu Dhabi Fund for Development (ADFD), which is the UAE’s leading national entity for economic development aid, has signed an agreement with the government of Maldives to provide $50m (AED184m) in funding support for infrastructure development projects in the Maldives.
The agreement was signed by the director-general of the Abu Dhabi Fund for Development, HE Mohammed Saif Al Suwaidi, and the Minister of Foreign Affairs for the Republic of Maldives, HE Abdulla Shahid, in the presence of other senior officials.
The deal aims to strengthen the Maldivian government’s efforts to promote socio-economic development in the island nation, and support the implementation of development projects across its economic sectors.
Commenting on the deal, Al Suwaidi said: “At ADFD, we take a keen interest in supporting infrastructure projects given its importance and far-reaching developmental impact on various sectors.”
Al Suwaidi added: “In addition to catalysing economic growth and boosting sustainable development, such projects help create an enabling environment for foreign investments, and stimulate growth in trade, transport and tourism. Furthermore, they create thousands of job opportunities for local communities and provide them with improved livelihoods.”
Construction Week reported in December 2019, that ADFD contributed $52m (AED191m) to support the Maldives’ strategic objectives, including the opening of the Maafaru International Airport – a major infrastructure project in the island nation.
The scope of the project comprised the construction of a runway approximately 2,200 metres long, hangars, and service roads to accommodate Airbus A320-200 and Boeing 737 aircrafts.
Works also included the construction of the airport’s main and office buildings, a firefighting station, a control tower, and a desalination plant.