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The Indian High Commission in Male’ has tweeted that the expansion of Hanimaadhoo airport will be funded by a loan from India.
President Ibrahim Mohamed Solih has previously vowed to develop Hanimaadhoo airport as per international standards whilst running for office. Plans to launch the project was announced this year while the source of finance has not been classified prior to Wednesday.
It is reported that the project will be financed under the 800 million dollars (1.24 billion ruffiya) worth line of credit extended by India’s Exim Bank for development projects in Maldives.
The matter was reportedly discussed between the President of the Maldives and Indian Prime Minister Narendra Modi when the latter visited Maldives in 2018.
The agreement for the line of credit was signed by Maldives Finance Minister Ibrahim Ameer and Exim Bank’s Chief General Manager Sudatta Mandalsigned on March 18, 2019.
Speaking to the press, Economic Development Minister Fayyaz Ismail has assured the public that the project will be launched at the end of this year and the project will be awarded to a contractor mid year. An announcement regarding the hiring of a contractor has not been made yet, as well as the approximate cost of the project.
The Indian High Commission expects the Hanimaadhoo airport expansion project to boost the local economy and further establish the connectivity between the two countries, as India continues to finance several other development projects in Maldives under the credit facility.
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