Government of Maldives has signed a loan aid agreement with Kuwait Fund for Arab Economic Development to conduct the shoreline protection project of Fuvahmulah City.
The USD11.88 million loan agreement was signed at a ceremony held at Ministry of Finance and Treasury by the Minister of Finance, Mohamed Munawar and Deputy Director General of Kuwait Fund for Arab Economic Development, Hisham Al-Waqayan. The project to develop a 2,650 metre revetment around the coast of Fuvahmulah will cost 22 million U.S. dollars, funded through loan aid from Kuwait Fund and Netherlands Enterprise Agency.
Kuwait is long standing partner in the infrastructure development of the country، Finance Minister Munawar said speaking to the media after signing the agreement. The ceremony held to sign the agreement was attended by Minister of Environment and Energy, Thoriq Ibrahim and Ambassador of Kuwait to Maldives.
Speaking at the event, Environment Minister Thoriq reiterated the importance of shoreline protection for a small island state like the Maldives, citing that the government prioritizes such projects. The design for the shoreline protection project of Fuvahmulah has been completed, noting that the whole project would be wrapped up in one and half years, Minister Thoriq added.