Kuwait’s KFAED participates in Mongolia’s airport expansion project

KUWAIT, July 4 (KUNA) — The Kuwait Fund for Arab Economic Development (KFAED) has taken part in the development and expansion of Mongolia’s Undurkhaan Airport, marking a significant step in the ongoing partnership between Kuwait and Mongolia. KFAED’s Acting Director General Waleed Al-Bahar announced that the project is funded by a grant previously allocated by the Kuwaiti Government to Mongolia, under the Fund’s supervision, amounting to KD 1.06 million (approximately USD 3.4 million). He further noted that the Fund also provided a grant of KD 80,000 (approximately USD 262,000) to finance the technical and economic feasibility study for the project, aiming to upgrade the airport to a Category 4C international standard, in alignment with Mongolia’s strategy for sustainable development by 2050. Al-Bahar emphasized that the expansion will establish the airport as a crucial hub, facilitating transportation, boosting trade, and generating new economic opportunities for the region, thus promoting long-term growth and prosperity in Mongolia. The event was attended by Mongolia’s Minister of Roads and Transport Delgier Saikhan, Kuwait’s Ambassador to Mongolia Mutlaq Al-Thuwaimer, and several representatives from the Mongolian government. To date, the Kuwait Fund has extended approximately KD 23.7 million (about USD 77.6 million) in soft loans, along with technical assistance totaling KD 519,000 (about 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 finance 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

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