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KFAED signs remaining balance of over $3.5m loan deal with Mongolia

Undurkhaan Airport in Khentii Province to be financed

Mongolian Ambassador Chintushig and KFAED’s Al-Ghenaiman exchanging the signed documents

KUWAIT CITY, July 19: Kuwait Fund for Arab Economic Development (KFAED) has signed the remaining balance of $3,500,336.61 for Grant Agreement No. 31 with the government of Mongolia to assist in the financing the Undurkhaan Airport in Khentii Province in Mongolia.

The loan agreement was signed on behalf of the government of Mongolia by His Excellency Ambassador Extraordinary and Plenipotentiary of Mongolia to the State of Kuwait His Excellency Zorigt Chintushig, while the Deputy Director-General of Kuwait Fund for Arab Economic Development Ghanim Suleiman Al-Ghenaiman signed on behalf of the KFAED.

The aim of the project is to enhance economic and social development of Khentii Province through the provision of the necessary infrastructure for air transport. The project consists of all necessary works for the construction of Undurkhaan Airport, which is located in Chinggis City, capital of the province and it’s expected to be completed by June 30th of 2021 at a total cost of a bout $3,500,336.61 which Kuwait fund is sponsoring. The remaining balance of the proposed grant will cover the cost of the project in local currency.

The fund has already provided the government of Mongolia with 4 loans to finance projects in different sectors worth KD 23,972 million, of which KD 23,698 million was withdrawn as at 15/05/2018 and has been 12,025 million repaid. It also provided the government of Mongolia with technical assistance amounting to KD 433,569 to finance the preparation of the technical and economic feasibility studies, which were combined with loans for the same projects.

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