Government of Maldives has signed a grant agreement with the Kingdom of Netherlands to finance the Coastal Protection project of Fuvahmulah City.
The USD10.7 million grant agreement was signed in a function held at STELCO on Tuesday by the Minister of Finance, Ahmed Munawar and Ms. Eva Van Woersem, Deputy Head of Mission, Counsellor, Embassy of the Kingdom of Netherlands, Srilanka.
This project is being made possible with the generous aid from the Netherlands Enterprise Agency, ORIO and Kuwait Fund for Arab Economic Development. The total project cost is approximately 25.5 Million USD.
Speaking at the ceremony Minister Ahmed Munawar highlighted the importance of the project; “this project contributes to the much needed environmental sustainability and the socio-economic development of Fuvahmulah and more generally to the development of the nation” .
This project will develop a 2,650 metre revetment around the coast of Fuvahmulah.
During the last four years MVR 597 million allocated for coastal protection and furthur MVR 133 million is allocated in 2018 Budget.
The ceremony held to sign the agreement was attended by the Minister of Environment and Energy, Thoriq Ibrahim, Speaker of the Majlis Mr. Abdulla Maseeh and Mr.Sanjay Bansal, Dutch Honorary Consul based in Maldives and other senior officials from the Ministry of Finance and the Ministry of Environment.