The Abu Dhabi Fund for Development (ADFD), the leading U.A.E. entity for development aid, has awarded a USD 50 million concessionary loan to the Maldivian government to develop Velana International Airport in Male’. The development project includes construction of a new 3,400-m runway with a breakwater and rehabilitation of the old runway. In addition, the funding will help build a new west passenger terminal and a maintenance building, and complete Phase 1 works of the south terminal. The loan also covers expansion of Phase 1 of the cargo loading and storage areas spanning about 6,000 m², relocation of existing infrastructure outside the project area, as well as construction of private jet facilities, a civil defence station, and a mosque. “This new collaboration further solidifies the strong and close bilateral ties shared between the United Arab Emirates and the Maldives,” said Mohammed Saif al-Suwaidi, the Director General of ADFD. “Over the past four decades, ADFD has financed infrastructure, telecommunications, transport, housing and energy projects in the Maldives valued at more than AED 109 million. Our loan aims to promote socioeconomic development in the Maldives through upgrading the airport’s facilities and expanding its operating capacity to 26 aircraft in order to cope with the steady growth of the tourism sector. As an added benefit, this crucial project will go a long way in creating new jobs and reducing unemployment.” Mohamed Saeed, the Maldives Minister of Economic Development, acknowledged the U.A.E.’s sustained support for the national development goals of the Maldives. Furthermore, he commended ADFD for its strategic approach to development and for its efforts in tailoring funding mechanisms across key socioeconomic sectors to drive lasting growth in developing countries. #1060.15 * With the beginning of 2017, the Government had re-branded its ‘Ibrahim Nasir International Airport’ to ‘Velana International Airport’ (MLE). At a ceremony held on Hulhule' Island, the aerodrome license of Velana International Airport was handed over to the Maldives Airports Company Ltd by the Maldives Civil Aviation Authority. According to the President's office, ‘Ibrahim Nasir International Airport’ was renamed as part of efforts being made by the Administration to make the airport a gateway for future development and growth. There is an on-going project to develop the airport, awarded to Saudi's Bin Laden Group under a USD 357 million contract, and the Government says upon completion of this project, the tourism sector will see significant growth while at the same time the airport would work towards becoming a major hub for distance travel. For the vital role played by the late President and Prime Minister Ibrahim Nasir in realising the airport, the re-branded name still represents him, since Velana is a reference to him, referring to the family house name of President Ibrahim Nasir. -- This is the third time Maldives has changed the name of its airport. The initial name ‘Hulhule Airport’ was changed to ‘Male' International Airport’ in the early 1980s and then it was changed to ‘Ibrahim Nasir International Airport’ during former president Mohamed Nasheed's administration. #1060.16