Signature of a Loan and a Project Agreements for financing the Expansion and Upgrading of Ibrahim Nasir International Airport Project in the Republic of Maldives
A Loan Agreement was signed today in Male between the Government of the Republic of Maldives and the Kuwait Fund for Arab Economic Development, whereby the Kuwait Fund will extend a loan of Kuwaiti Dinars fifteen million (KD.12,000,000/-) (i.e. equivalent to about US.$51 million) to help finance the Expansion and Upgrading of Ibrahim Nasir International Airport Project. A Project Agreement relating to the said Loan was also signed between the Kuwait Fund and the Maldives Airport Company Limited (MACL).
The Loan Agreement was signed on behalf of the Republic of Maldives by His Excellency Mr. Ahmed Munawar Minister of Finance and while the Project Agreement was signed on behalf of the MACL by Mr Moosa Salih – Deputy Chief Executive Officer of MACL, whereas Mr. Hesham Al-Waqayan, Deputy Director-General of the Fund signed the Loan and Project Agreements on behalf of the Fund, in attendance of His Excellency Mr. Khalaf M. M. Bu Dhhair, Ambassador of the State of Kuwait to the Democratic Socialist Republic of Sri Lanka and the Republic of Maldives and Mr. Waleed Al-Bahar, Regional Manager for East South Asia & Pacific Countries at the Fund.
The Project aims at enhancing the economic and social development in the Republic of Maldives through the stimulation of touristic movement via expansion and upgrading of Ibrahim Nasir International Airport (INIA) by developing the existing airport facilities to satisfy the increasing demand for air transport of passengers and freight to accommodate about 7.3 million travelers per year
The Project includes the construction of a new runway 3,400m long including its technical infrastructure, reclamation and shore protection works, a new fuel farm and a new cargo complex, in addition to developing the taxiway and apron, and provision of navigation, safety and lighting equipment. The project also includes, construction of a new seaplane terminal, relocation of navigation facilities, and provision of electric power supply. The Project also includes, construction of a new passengers terminal of an area of about 80,000 m², provision of electro-mechanical, water supply and sewerage, and finishing's, provision of air traffic equipment, in addition to, institutional support and consultancy services for supervision and PM.
By extending this loan, the Fund will have provided 12 loans to the Republic of Maldives where Kuwait Fund previously provided 11 loans with a total amount of K.D. 24.5 million, equivalent to about US$ 83.3 million, for financing projects in various sectors. In addition, Kuwait Fund made 8 technical assistance of a total amount of about K.D. 1.39 million equivalent to about US$ 4.69 million allocated for various purposes including the financing of technical and economic feasibility studies for certain projects. Kuwait Fund also administered one grant made by the Government of the State of Kuwait and amounting in total to about US$ 2 million from the Resources of Kuwait Goodwill Fund for the Promotion of Food Security in Islamic Countries.
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