IFC helps modernize Male Airport

IFC, a member of the World Bank Group, said on Monday that it is working with the government of Maldives to upgrade and modernize the Male International Airport.

IFC, as Lead Transaction Advisor to the government of Maldives, is helping Male International Airport attract private investors, by structuring a concession agreement between the government and investors, and developing a tariff fixation framework and an investment plan, said the international organization in a statement.

Private investors are expected to bring international managerial capabilities and best practices to help the airport operate at full potential, while safeguarding the interests of shareholders, customers, and employees, the IFC said. Maldives copes with severe regional disparities across its 200 inhabited islands or atolls. The government is actively pursuing reforms to address these imbalances by enhancing fiscal resources and evolving its role as an enabler of development.

The tourism sector is a major contributor to the country's economic sustenance and improvements planned at the Male International Airport are critical to its continued growth, said the IFC.

Washington, Xinhua