KUWAIT, July 4 (KUNA) — The Kuwait Fund for Arab Economic Development (KFAED) was involved in the development and expansion of Undurkhaan Airport in Mongolia, marking a significant milestone in the collaborative efforts between Kuwait and Mongolia. The project was funded through a grant from the Kuwaiti Government to Mongolia, managed under the supervision of KFAED, amounting to KD 1.06 million (approximately USD 3.4 million). Waleed Al-Bahar, Acting Director General of KFAED, stated that the initiative aligns with the ongoing support Kuwait provides to foster economic development in Mongolia. Additionally, a grant of KD 80,000 (approximately USD 262,000) was allocated to cover the technical and economic feasibility study for the airport upgrade, aiming to convert it into a Category 4C international airport. This move is expected to support Mongolia’s strategy for sustainable development by 2050 by enhancing transportation, trade, and creating new economic opportunities in the region. The event was attended by Mongolian Minister of Roads and Transport Delgier Saikhan, Kuwait’s Ambassador to Mongolia Mutlaq Al-Thuwaimer, and other government representatives. To date, the Kuwait Fund has extended soft loans totaling about KD 23.7 million (approximately USD 77.6 million) and technical assistance worth KD 519 thousand (approximately USD 1.7 million) to Mongolia.
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Kuwait’s KFAED participates in Mongolia’s airport expansion project
KUWAIT, July 4 (KUNA) — Kuwait Fund for Arab Economic Development (KFAED) participated on Friday in Mongolia’s Undurkhaan Airport development and expansion project, a step towards the ongoing partnership between Kuwait and Mongolia. nKFAED’s Acting Director General Waleed Al-Bahar said in a statement issued by the Fund that the project was financed by a grant previously provided by the Kuwaiti Government to the Government of Mongolia, under the Fund’s supervision, worth of KD 1.06 million (approximately USD 3.4 million). nHe added that the Fund also signed a grant worth KD 80,000 (approximately USD 262,000) with the Government of Mongolia to financing the technical and economic feasibility study for the project, with the aim of transforming it into a Category 4C international airport to be a major driver of economic development in line with Mongolia’s strategy to achieve sustainable development by 2050. nHe stressed that the airport expansion project will be a vital hub that contributes to facilitating transportation, stimulating trade, and creating new economic opportunities for the region, thus enhancing long-term growth and prosperity in Mongolia. nThe opening was attended by Minister of Roads and Transport of Mongolia Delgier Saikhan, the Ambassador of Kuwait to Mongolia Mutlaq Al-Thuwaimer, and a number of representatives of the Mongolian government. nThe Kuwait Fund has so far provided about KD 23.7 million (about USD 77.6 million) in soft loans, in addition to technical assistance amounting to KD 519 thousand (about USD 1.7 million) to Mongolia. (end) r nmd.seo