Netherlands Enterprise Agency (RVO) has granted the southern island of Fuvahmulah received USD 10.7 million for its coastal protection project.
At a ceremony held Monday, the grant agreement was signed by finance minister Ahmed Munawar and the deputy head of mission at the Embassy of Netherlands in Sri Lanka, Eva Woersem. The ceremony was also attended by Fuvahmulah MP Abdullah Maseeh, the parliament speaker.
According to Munawar, the Fuvahmulah coastal protection project is estimated to cost USD 25.5 million, which includes the USD 10.7 million grant from RVO and a loan obtained from the Kuwait Fund. The loan agreement with Kuwait Fund was signed in July this year.
Environment minister Thoriq Ibrahim stated that the project was initiated four years ago, and that the island survey, Environment Impact Assessment and some of the design works are almost completed. The project will protect 2,650 square feet of the island’s shoreline.
Fuvahmulah faces extreme coastal erosion. With no natural sea wall, large chunks of the shoreline and trees have been swept away by waves.
RVO is a part of the Dutch economic ministry, and it works with governments, international organisations and other associations to encourage entrepreneurs in sustainable and innovative businesses.