Kuwait fund lends a loan of 11.88 million dollars to protect the coast of Fuvahmulah!
BY: latheef, 13 Jul 2017
Kuwait Fund has given a loan of 11.88 million dollars to protect the coast of Fuvahmulah. The loan agreement was signed during a ceremony held at Stelco.
Speaking at the ceremony, Finance Minister Ahmed Munawwar said that the loan was given with many privileges. “We got it with a four-year grace period and with an interest rate of 1.5. We get 20 years to return the loan. Hence this is a very special loan. This loan is given for an important project and this shows the importance given to Maldives by Kuwait” said the minister.
Minister said that Fuvahmulah is an important island in various ways not only because of the size and the population of the island but due to the rate at which the island is developing.
“Fuvahmulah is an important island. It is a unique island and it is a top priority of the government to protect Fuvahmulah. This also shows the priority given to mitigation of disasters as a result of Climate Change” said the minister.
In addition, Munawwar said that the government gives a high priority in protecting the coast line and in the past year alone 300 million Rufiyaa from the state budget was spent on coastal protection. He said that the government is need of foreign financial aid because many islands of the Maldives needs to be protected. He said that a total of 22 million dollars will be spent on the project and 10 million dollars will be given by Netherland Enterprises Agency Oreo.
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