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$940m accord to develop power sector

Bahrain Business
Wed, 06 Apr 2016
GDN Online Desk

Manama: A $940 million agreement was signed with Kuwait yesterday to develop electricity networks in Bahrain.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa signed the deal and an amended agreement with Kuwait Fund for Arab Economic Development (KFAED) director Abdulawahab Al Bader.

It includes a $200m grant – which is part of a GCC support plan to develop a 220-and 66 kilovolts electricity transmission network in Bahrain, KFAED said in a statement.

The amended agreement, meanwhile, is to fund an electricity transmission network of 400kv by building three power stations costing $740m. The previous agreement was set at giving $250m only.

Mr Al Bader told KUNA, after the signing, that the fund is part of a GCC support plan in which Kuwait is committed to paying $2.25 billion over 10 years.

Shaikh Ahmed expressed appreciation to Kuwait for  supporting the development of Bahrain’s infrastructure.

Kuwaiti Ambassador Shaikh Azzam Al Sabah was present at the signing ceremony.

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