Kuwait Fund for Arab Economic Development has granted a US$ 50 million loan for the development of the new passenger terminal at Ibrahim Nasir International Airport (INIA), the first of its kind granted by the fund to a non-Arabic nation.
Finance Minister Ahmed Munawwar signed the agreement on behalf of the Government. Hisham Al-Ahyan signed on behalf of Kuwait Fund for Arab Economic Development.
Speaking in the signing ceremony, Hisham Al-Ahyan said that Kuwait Fund has always provided financial assistance to the Maldives, including direct aid and arranged facilities via financial institutions. He added that Kuwait Fund recognized the work carried out by the nation for economic progress, pledging additional support in the future.
He also pledged the Fund’s assistance to developing fisheries sector, noting the Fund currently provides assistance to the sector as well.
Minister Munawwar noted that Kuwait Fund provided financial assistance to many development projects to the Maldives. He thanked the Fund for their continued assistance to the Maldives over the past 40 years.
“Kuwait Fund’s first assistance was for airport development. This loan is also for airport development,”
This is the first loan agreement signed for the new terminal and is payable within a period of 20 years. The entire airport development project costs US$ 800 million.
Kuwait Fund grants biggest loan to a non-Arabic nation
