Kuwait Fund for Arab Economic Development of the State of Kuwait signed an agreement with the Maldives government to provide a loan of USD 50 million (MVR 771 million) for the development of Maldives’ main airport’s new terminal.
Finance minister Ahmed Munawar and Kuwait Fund’s deputy director general Hisham Al-Waqayan signed the agreement at a ceremony held in State Electric Company (STELCO)’s hall.
Noting Kuwait Fund’s continuous financial assistance to all the development projects of Ibrahim Nasir International Airport (INIA), Minister Munawar disclosed that Kuwait Fund had loaned its USD 50 million to the Maldives with a repayment period of 20 years.
“We’re currently in talks with other entities to procure more loans for the airport development project,” added the minister.
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