KFAED supports Mongolia airport expansion
KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) has contributed to the development and expansion of Undurkhaan Airport in Mongolia, marking a new milestone in the growing partnership between Kuwait and Mongolia. In a statement issued Friday, KFAED Acting Director General Waleed Al-Bahar said the project was financed through a grant previously extended by the Government of Kuwait to Mongolia under the Fund's supervision, valued at KD 1.06 million (approximately $3.4 million).
KFAED's Acting Director General Waleed Al-Bahar
Al-Bahar noted that the Fund also signed an additional grant agreement worth KD 80,000 (approximately $262,000) with the Mongolian government to finance the technical and economic feasibility study for the project. The objective, he said, is to transform the airport into a Category 4C international facility that would serve as a catalyst for economic growth and align with Mongolia's Vision 2050 sustainable development strategy. 'The airport expansion project is expected to become a critical transport hub, facilitating mobility, boosting trade, and unlocking new economic opportunities for the region,' Al-Bahar stated. 'It will contribute significantly to long-term development and prosperity in Mongolia.'
The opening ceremony was attended by Mongolia's Minister of Roads and Transport Delgier Saikhan, Kuwait's Ambassador to Mongolia Mutlaq Al-Thuwaimer, and several senior Mongolian officials. To date, KFAED has provided Mongolia with soft loans totaling KD 23.7 million (approximately $77.6 million), in addition to technical assistance worth KD 519,000 (approximately $1.7 million), reaffirming Kuwait's commitment to supporting sustainable development across Asia. — KUNA
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KFAED supports Mongolia airport expansion
KFAED's Acting Director General Waleed Al-Bahar participates in Mongolia's airport expansion project. – KUNA photos KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) has contributed to the development and expansion of Undurkhaan Airport in Mongolia, marking a new milestone in the growing partnership between Kuwait and Mongolia. In a statement issued Friday, KFAED Acting Director General Waleed Al-Bahar said the project was financed through a grant previously extended by the Government of Kuwait to Mongolia under the Fund's supervision, valued at KD 1.06 million (approximately $3.4 million). KFAED's Acting Director General Waleed Al-Bahar Al-Bahar noted that the Fund also signed an additional grant agreement worth KD 80,000 (approximately $262,000) with the Mongolian government to finance the technical and economic feasibility study for the project. The objective, he said, is to transform the airport into a Category 4C international facility that would serve as a catalyst for economic growth and align with Mongolia's Vision 2050 sustainable development strategy. 'The airport expansion project is expected to become a critical transport hub, facilitating mobility, boosting trade, and unlocking new economic opportunities for the region,' Al-Bahar stated. 'It will contribute significantly to long-term development and prosperity in Mongolia.' The opening ceremony was attended by Mongolia's Minister of Roads and Transport Delgier Saikhan, Kuwait's Ambassador to Mongolia Mutlaq Al-Thuwaimer, and several senior Mongolian officials. To date, KFAED has provided Mongolia with soft loans totaling KD 23.7 million (approximately $77.6 million), in addition to technical assistance worth KD 519,000 (approximately $1.7 million), reaffirming Kuwait's commitment to supporting sustainable development across Asia. — KUNA
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