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 in a function held at STELCO on Thursday 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.
The ceremony held to sign the agreement was attended by the Minister of Environment and Energy, Thoriq Ibrahim and Ambassador of Kuwait to Maldives.
The project will include revetment around a 2,650-meter area.
The loan assistance by Kuwait Fund is a concessional loan payable with 1.5 percent interest over a period of 20 years, after a grace period of four years.