A Grant Agreement has been signed today in Ulaanbaatar, between Mongolia and the Kuwait Fund for Arab Economic Development. Under this agreement, the fund will provide a Grant of K.D 80,000 equivalent to about USD 250,000 to finance the preparation of a Technical and Economic Feasibility Study for the Development and Expansion of Undurkhaan Airport Project.

The project includes the development and expansion of Undurkhaan Airport to achieve the International Civil Aviation Organization (ICAO) reference code (4C), signifying an airport with a paved runway of no less than 1,800 meters in length, capable of accommodating aircraft with a wingspan of up to 36 meters. The project's objective is to support economic development and align with Mongolia's long-term development policy, "Vision 2050." This, in turn, will contribute to promoting tourism and foreign trade by increasing the number of flights and routes, as well as enhancing the utilization of the local airport.

The agreement was signed on behalf of Mongolia by His Excellency Javkhlan Bold, Minister of Finance , while it was signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Waleed Shamlan Al-Bahar - Acting Director General.