Kuwait grants $85 million loan for electricity projects
The Kuwait Fund for Arab Economic Development has offered Lebanon a $85 million loan for electricity development
Click here to add Abdel-Wahab al-Bader as an alert
Disable alert for Abdel-Wahab al-Bader,
Click here to add Council for Development as an alert
Disable alert for Council for Development,
Click here to add Deir Ammar as an alert
Disable alert for Deir Ammar,
Click here to add Energy Ministry as an alert
Disable alert for Energy Ministry,
Click here to add Kuwait Fund as an alert
Disable alert for Kuwait Fund,
Click here to add Nabil Jisr as an alert
Disable alert for Nabil Jisr
Kuwait granted Lebanon an $85 million loan on Monday to finance the upgrading and rehabilitation of the Zouk and Jiyyeh power plants as part of efforts to overhaul the ailing electricity sector.
The agreement was signed by Energy and Water Minister Gebran Bassil and head of Kuwait Fund for Arab Economic Development Abdel-Wahab al-Bader in the presence of President of the Council for Development and Reconstruction Nabil Jisr.
The loan will partially finance the project to boost production in Zouk and Jiyyeh plants by 272 MW.
“This is part of general plan to boost production by 1,500 MW, and if this happens then Lebanon will enjoy 24 hours of electricity every day,” Bassil said.
According to the agreement with the Kuwaiti fund, Lebanon can pay its debt over the next 25 years with low interest rates.
Lebanon is also expected to receive the first electricity barge from Turkey in a few weeks while the second barge will arrive in less than two months.
The two barges have a combined electricity production of 275 MW.
The government is also expected to discuss this week the offers to build a power plant in Deir Ammar.
Four Lebanese and international firms are bidding for the Deir Ammar project after the Energy Ministry reduced the cost of the original project due to budgetary restraints.
- Tunisia 2020 investment conference: 145 mega projects on offer
- Coca-Cola inaugurates $20M bottling plant in Gaza
- GCC tax on expats' income and remittances would be highly regressive: IMF
- 'The worst is over for Qatar's trade balance': BMI Research
- Sotheby's to open Dubai office as MENA falls for the lure of the auction