Minister of Economic Development Mohamed Saeed has said, all funds required for the development of Velana International Airport have now been guaranteed, following the loan aid agreement signed between the government of Maldives and United Arab Emirates (UAE).
The loan aid agreement was signed between Maldives and UAE during President Abdulla Yameen Abdul Gayoom's recent trip to UAE.
Speaking with PSM News about the agreements, Economic Minister Mohamed Saeed said that the development of Velana International Airport (VIA) is a priority for this administration. The development of VIA is divided into two phases; the expansion of the terminal and upgradation of the runway.
Minister Saeed said the project is funded via loan aid from different parties, while the agreement with UAE secures the last installment of the required funds for the project. He said the loan aid by UAE will be used for the development of the new VIA terminal.
Speaking about the agreement for the Avoidance of Double taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital signed between Maldives and UAE, Minister Saeed said that the international community respects the economic policies of President Abdulla Yameen. He further noted that the visit by President Yameen to UAE has further bolstered the relationship between the two countries.
Key agreements on further strengthening bilateral, trade and economic relations between the countries were signed by the two governments during the trip.