Kuwait to fund Bahraini projects
According to a Kuwait News Agency (KUNA) report, the projects are upgrade of power network and establishment of a centre for people with special needs.
Nawaf Al-Mehmel, KFAED's legal advisor and head of the fund delegation, said in a statement to KUNA that boosting power of the electrical network by 400 kilo-watts was a key project.
The project, including installment of land and marine cables and construction of three relay stations in various regions, is designed to minimize recurring outages and facilitate linkup of the local network with the GCC grid, said Al-Mehmel.
Cost of updating the Bahraini power installations is estimated at $800million, with contributions from the other GCC countries. Kuwait is paying $250m. Its execution is forecast to finish in three years.
Regarding the other venture, Mr. Al-Mehmel said an integrated complex would be built for the handicapped, at a cost of $23m. It will encompass wards for medical care, habilitation, physical and psychological therapy.
- Global Finance names NBK Best Provider of Money Market Funds in the Middle East 2011
- NBK Kuwait Equity Fund ranked first among funds investing in the Kuwait Stock Exchange in 2010
- Kuwait to fund Egyptian railway redevelopment
- NBK Kuwait Equity Fund is the best performing fund in 2010
- Anything for those Sovereign Wealth Funds: the UK's heavy flirting with Kuwait for investments