American International Group has signed an agreement to provide funding to rebuild Peunayong Market, the biggest fish market in Banda Aceh, Indonesia.
The total value of the Peunayong Market project is estimated at $525,000. The project is expected to be complete by February 2006.
The goal is to rebuild the 2,000 square meter market area, restore the drainage system, and construct permanent buildings, which can accommodate around 200 merchants.
The recovery of the market will help revive the fishery industry, which was badly hit by the tsunami.
“I hope that this project can be implemented as soon as possible, as markets are a very important part of Banda Aceh life. I am grateful for the donation by AIG and CHF International and we know the rehabilitation of Peunayong Market will have a positive impact on the economic recovery of Aceh,” said Indonesia’s head of the rehabilitation and reconstruction, Kuntoro Mangkusubroto
Topics Catastrophe Natural Disasters AIG
Was this article valuable?
Here are more articles you may enjoy.
Typhoon Season Forecast to Be Among Most Intense Ever for Asia 
Can Reinsurers Maintain Underwriting Discipline or Will ‘Irrational’ Competition Return? 
Tornado Alley’s on the Move and Creating New Risk Concerns, Modeler Says 
The Great Modern Train Robbery: Thieves Steal $200 Million a Year 
