Prominent businessman and Chairman of Maldives Airports Company Limited (MACL) Mohamed Umar Manik has stated it is unquestionable the one billion dollar investment on Velana International Airport (VIA) will be recovered fruitfully.
The only way to enhance the economy of the country is by expanding VIA, Chairman of Maldives Airports Company Limited (MACL) Mohamed Umar Manik said during a panel discussion aired on PSM News named My Nation, My Future. The airport has to undergo major changes due to not making efficient developments when required, highlighted Mohamed Umar Manik.
Noting that it is fortunate the runway currently in operation is still in function despite its poor condition, Chairman of MACL said the runway should have been replaced. Moreover, Mohamed Umar Manik expressed the government did not just embark on the mega expansion project, but rather executed well designed plan. In this regard, he stated the airport, after its expansion, can be used for another fifty years or more. Meanwhile, he expressed confidence an investment of the airport will be recovered very soon as it generates income independently.
Furthermore, Board Member of MACL Ahmed Nazeer said according to the feasibility study, the one billion dollar investment will be recovered within 15 years, adding respective parties has provided 25 years to pay back the loans.
The expansion of VIA is a one billion dollar mega project initiated to cater 7.5 million tourists a year. While the project is fast underway, the project will double the size of terminals and increase its catered capacity.