Maldives Airports Company Limited has obtained $56 million in working-capital 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 four facilities comprise $30 million taken in May, $10 million in August, $10 million in October and $6 million in November. The first loan is secured against leasehold rights on land in Hulhulé. The remaining three fall under an agreement signed on 1 February that pledges the leasehold rights of the runway, taxiway and apron.
Those three runway-backed loans are demand facilities with a five-year tenure, giving the bank the right to recall the full amount at any time. With the new borrowing, MACL’s dollar-denominated debt to BML has risen 92 per cent to $112 million, of which $104 million was taken after the current administration took office.
MACL also obtained a separate $15 million loan from the Maldives Islamic Bank. The company is scheduled to repay MVR 1.46 billion in principal this year plus MVR 693.3 million in interest. Its available US-dollar cash reserves stand at $13.5 million against annual debt-service requirements exceeding $100 million.
MACL has not issued a public statement on the mortgages.
