Maldives Airports Company Limited (MACL) secured $56 million in loans from the Bank of Maldives by mortgaging the runway of Velana International Airport and land in Hulhulé, according to the company's 2025 audit report.
The loans consisted of four working capital facilities: $30 million in May, $10 million in August, $10 million in October and $6 million in November. The first was secured against leasehold rights of land in Hulhulé. The remaining three were obtained under an agreement that mortgaged leasehold rights over the runway, taxiway and apron.
Those three loans are demand facilities with a five-year tenure, allowing the bank to recall the full amount at any time. With the new borrowing, MACL's dollar-denominated debt to BML rose by 92 percent to $112 million. Of that total, $104 million was borrowed after the current administration took office.
MACL also obtained a separate $15 million loan from the Maldives Islamic Bank. The additional debt has increased the company's overall liabilities and drawn attention to its foreign-currency position.
The airport operator has been expanding infrastructure projects, including land reclamation at Giraavaru Falhu. The loans appear to have supported working capital needs during a period of ongoing capital expenditure.
No public comment from MACL or BML on the specific facilities has been widely reported beyond the audit disclosure. The figures highlight the scale of financing required by the state-owned airport company.
Velana International Airport remains the main gateway for tourist arrivals and domestic travel. Its financial position is closely watched because of its central role in the economy.
