Kuwait city: 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. KFAED's Acting Director General Waleed Al-Bahar stated 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 KD 1.06 million (approximately USD 3.4 million).
According to Kuwait News Agency, 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. The aim is to transform the airport into a Category 4C international airport, positioning it as a major driver of economic development in line with Mongolia's strategy to achieve sustainable development by 2050.
The project is expected to be a vital hub that facilitates transportation, stimulates trade, and creates new economic opportunities for the region, contributing to long-term growth and prosperity in Mongolia. The opening was attended by Minister of Roads and Transport of Mongolia Delgier Saikhan, the Ambassador of Kuwait to Mongolia Mutlaq Al-Thuwaimer, and several representatives of the Mongolian government.
The Kuwait Fund has provided about KD 23.7 million (about USD 77.6 million) in soft loans and technical assistance amounting to KD 519 thousand (about USD 1.7 million) to Mongolia.