The Government of Maldives and Kuwait Fund for Arab Economic Development (Kuwait Fund), a member of the Arab Coordination group, has today (09 August 2016) signed a loan agreement of Fifteen Million Kuwaiti Dinars (equivalent to USD 50 Million) for the finance of the development of Passenger terminal of Ibrahim Nasir International Airport (INIA).

On behalf of the Government of Maldives, Minister of Finance and Treasury Mr. Ahmed Munawar signed the agreement and Deputy Director General, H.E. Hesham Al-Waqayan signed on behalf of Kuwait Fund. This ceremony was also attended by Minister at President’s Office and Chair of the Economic and Youth Council Mr. Ahmed Zuhoor, Minister of Economic Development and Chair of Airport Development Committee Mr. Mohamed Saeed, Ambassador of the State of Kuwait to the Democratic Socialist Republic of Sri Lanka and Maldives, H.E. Mr. Khalaf M.M. Bu Dhhair, Kuwait Fund’s Regional Manager for East, South Asia and Pacific countries Mr. Waleed Al-Bahar and senior officials of Ministry of Finance and Treasury.

This is a concessional loan from Kuwait Fund with a maturity of 20 years.