Kuwait fund gives loan to Bahrain for power plant expansion

Oct 31, 2001 01:00 AM

The Kuwait Fund for Arab Economic Development (KFAED) signed a loan agreement with Bahrain for $ 50 mm to help expand a local power plant. The agreement was signed in Manama. Total cost to expand the al-Hidd natural gas-powered plant was estimated at 130 mm dinars ($ 426 mm), of which KFAED would contribute 15 mm dinars.

The Kuwait-based Arab Fund for Economic and Social Development would also contribute 25 mm dinars, with the Islamic Development Bank lending 11 mm dinars for the project. The balance would be provided by other banks and the Bahraini government, said KFAED executive Waleed al-Saif.
The plant will be designed to produce 700 MW of electricity with a 220-kV power network and will eventually feed a Gulf-wide power grid that is being planned for the year 2006, he added.

Source: Deutsche Presse-Agentur
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