(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 18 (KUNA) -- A loan agreement was signed on Wednesday between Kuwait Fund for Arab Economic Development (KFAED), and the Republic of Tajikistan worth in total KD 5.2 million (estimated USD 16.9 million) to contribute to financing the Rogan Hydroelectric Power Plant project.
In a press release, KFAED said that the project aims to enhance electricity production in Tajikistan by establishing a hydroelectric power plant with an installed capacity of 3,780 megawatts, which provides a sustainable and reliable source of energy.
The project will also help meet the growing local demand, enhance energy security, reduce carbon emissions and support the country's efforts to achieve sustainable development.
The Fund added that this project is in line with the goals of the Paris Climate Agreement, indicating that Tajikistan seeks to reduce gas emissions by 40 to 50 percent by 2030 compared to 1990 levels, which supports its efforts to transition to a low-carbon economy and achieve environmental sustainability.
KFAED noted that this is the sixth loan provided by them to the Republic of Tajikistan after financing five projects in vital sectors such as road development and water network improvement with a total of 24.9 million dinars (about 80.9 million dollars).
KFAED Acting Director General Waleed Al-Bahar and the Minister of Finance of the Republic of Tajikistan Faiziddin Qahhorzoda signed the agreement. (end)
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