Kuwait Fund has given a loan of 50 million dollars to build the new terminal at Ibrahim Nasir International Airport.
An agreement was signed between Kuwait Fund for development and between the Maldives. The agreement was signed by Finance Minister Ahmed Munawar on behalf of Maldives. Heesham Al Vagyam the deputy director general of Kuwait Fund signed on behalf of Kuwait Fund. The loan should be repaid within 20 years.
This is the largest loan given by Kuwait Fund to a non-Arab country. The airport development project is being carried out by Saudi Binladen group. The total cost of the project is 800 million dollars. Government estimates that by 2018 it will be fully developed.
When the new terminal is completed the current international terminal will be used as a domestic one.