Tycoon funds airport project with US$4m interest-free loan
The loan is to be “repaid at the government’s convenience” with no deadline, the tourism minister told the press at a ceremony held to sign a US$2.5 million contract with the UAE-based Gulf Cobla to reclaim land for the airport project.
04 Jun 2018, 9:00 AM
Business tycoon ‘Champa’ Mohamed Moosa gave a US$4 million interest-free loan to develop an airport on Faresmaathoda island in Gaaf Dhaal atoll, Tourism Minister Moosa Zameer revealed Sunday.
The loan is to be “repaid at the government’s convenience” with no deadline, Zameer told the press at a ceremony held to sign a US$2.5 million contract with the UAE-based Gulf Cobla to reclaim land for the airport project.
Reclamation and shore protection work will begin once an environmental impact assessment is complete, he added, after which the government will seek a developer to build the domestic airport.
The government says more regional airports will be needed when the expansion of the Velana International Airport is completed later this year and more resorts are opened in far-flung atolls. The 2018 budget allocated funds for airports in Kulhudhuffushi, Funadhoo, Nilandhoo and Maavarulu.
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