Parliament authorizes loan for Fuvahmulah water and sewerage projects

Parliament has today approved changes to a loan of $11.2 million (3.2 million Kuwaiti Dinar) to be acquired from Kuwait Fund to establish clean water and sewerage system in Fuvahmulah.

The same loan was allocated for and approved by the parliament for a slightly higher sum of $15 million in the State budget for 2013.

However, the figures were recently revised to $11.2 million in parliament’s Public Accounts Committee’s report, which was passed by a unanimous vote of 57 members present in today's parliament sitting.

The payback duration for the loan has been reduced from 25 to 24 years, with a grace period of 4 years.