Maldives Airports Company Limited secured $56 million in loans from Bank of Maldives during 2025 by pledging leasehold rights over the Velana International Airport runway and land in Hulhulé, according to the company’s latest audit report.
The facilities comprised a $30 million loan in May backed by Hulhulé land rights and three subsequent loans totalling $26 million under a February agreement that mortgaged rights to the runway, taxiway and apron. The three runway-linked loans are five-year demand facilities, allowing the bank to recall the full amount at any time.
With the new borrowing, MACL’s dollar-denominated debt to BML rose 92 percent to $112 million, of which $104 million was drawn after the current administration took office. The company also obtained a further $15 million from Maldives Islamic Bank against treasury securities.
Overall debt for MACL and its subsidiaries stood at MVR 16.64 billion at the end of 2025, an increase of MVR 3.2 billion in a single year. Roughly 97 percent of the debt is denominated in foreign currency. The company faces substantial principal and interest payments this year while continuing reclamation and other infrastructure commitments through subsidiaries.
The audit findings have drawn attention because earlier political criticism from figures now associated with the government targeted the practice of borrowing against core state assets. MACL has not publicly commented on the specific security arrangements disclosed in the report.
