Kuwait Fund inks loan deal with Bahrain to improve electricity transmission networks
Date
6/10/2024 7:49:14 AM
(MENAFN) The Kuwait Fund for Arab Economic Development has inked a significant loan agreement with Bahrain, as reported by a Kuwaiti news agency. The loan, totaling USD102 million, aims to support the development of electricity transmission networks in Bahrain, forming part of a series of loans provided by the Kuwaiti Fund to enhance the country's 400-kilovolt electricity transmission networks.
The signing of the agreement, which falls under the ambit of the "Financial Balance Program," saw the Kuwaiti side represented by the Fund’s Acting Director General, Walid Al-Bahr. On the Bahraini side, the Minister of Finance and National Economy, Sheikh Salman bin Khalifa, was present to formalize the agreement.
Al-Bahr highlighted the objectives of the project, emphasizing its aims to reduce high short-circuit currents for the safe operation of equipment, enhance network flexibility, and ensure the reliable and cost-effective transmission of electrical energy. He underscored the project's alignment with broader development objectives, particularly with regard to Sustainable Development Goals (SDGs). Specifically, the project is expected to contribute to achieving SDG 7, which focuses on ensuring access to affordable, reliable, sustainable, and modern energy for all, as well as SDG 17, which emphasizes partnerships for the attainment of the SDGs.
The signing of the loan agreement underscores the ongoing cooperation between Kuwait and Bahrain in advancing infrastructure development and promoting sustainable development goals. This collaboration reflects a shared commitment to enhancing economic development and addressing critical energy infrastructure needs in the region.
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