NDBIB arranges $ 40 m for Maldives Airport Company

From left: MACL Deputy CFO Shaahid Aboobakuru, NDBIB Director/CEO Harshana Jayaweera, COO Kaushini Laksumanage, Nations Trust Bank Vice President – Structured Finance and Institutional Banking Lakshan Wanniarachchi, Hatton National Bank Senior Vice President/Head of Project Finance Vijaya Vidyasagara, Senior Vice President/Head of Wholesale Banking Majella Rodrigo, MACL Managing Director/CEO Ibrahim Shareef Mohamed, Habib Bank Regional General Manager – Bangladesh, Sri Lanka and Maldives Selim Barkat, Country Manager Muhammad Shoiab Awan, Head of Business Sami Ullah Chaudri, and NDB Capital Holdings Director/CEO Senaka Kakiriwaragodage 

NDB Investment Bank Limited (NDBIB) has further strengthened its regional investment banking footprint by successfully acting as the Exclusive Financial Advisor and Arranger to raise $ 40 million for Maldives Airport Company Ltd. (MACL).

The funds were mobilised through a syndicated financing structure, with Hatton National Bank PLC serving as the Lead Bank and as well as the Facility Agent, alongside Nations Trust Bank PLC and Habib Bank Limited of Maldives as the other lead banks. 

The proceeds will be utilised to refinance a portion of the capital expenditure incurred by MACL for the construction and development of its new state-of-the-art passenger terminal at Velana International Airport, Hulhulé Island, a project aimed at significantly enhancing the airport’s passenger handling capacity.

MACL manages Velana International Airport, the largest of the country’s five international airports. With a history spanning over 59 years, MACL is also the largest employer in the Maldives, playing a critical role in supporting the nation’s tourism-driven economy.

NDBIB CEO Harshana Jayaweera said that the successful fundraise was driven by the bank’s ability to integrate its offshore fundraising expertise, strong credentials in syndicated loan arrangements, and its deep familiarity with the Maldivian market. He noted that the transaction further reinforces NDBIB’s growing presence in the Maldives through the structuring of a syndicated facility for a Maldivian state-owned enterprise and expressed appreciation to the syndicate banks for their commitment and collaborative efforts.

Jayaweera also highlighted the bank’s close engagement with MACL, noting that advising on such a landmark infrastructure development, one that is expected to deliver a substantial boost to the Maldives’ tourism sector, was both a privilege and a strategic milestone for NDBIB.

NDBIB COO Kaushini Laksumanage congratulated MACL on securing the financing amid a challenging market environment for the Maldives. She extended her gratitude to all participating banks, as well as to the legal advisors FJ&G De Saram (Sri Lanka) and SHC Law and Tax LLP (Maldives), for their professionalism and dedication throughout the transaction.

NDBIB continues to hold a dominant position in Sri Lanka’s investment banking landscape while consistently expanding its cross-border capabilities. The Bank has previously advised on several landmark Maldivian transactions, including the Initial Public Offering of Ooredoo Maldives, the first foreign IPO arranged by a Sri Lankan investment bank, and the subsequent IPO of Maldives Islamic Bank.

Further strengthening its Maldivian portfolio, NDBIB concluded two additional cross-border transactions last year for an energy company, advising on a $ 18 million revolving credit facility and a $ 10 million term loan facility.