Kuwaiti fund to finance Egyptian power station
The Kuwait Fund for Arab Economic Development (KFAED) recently gave its preliminary approval to financing a new 1,500 megawatt power station in the agricultural area of Nobariya, Egypt, reported Al-Alam Al-Yaum. The construction of the $400 million facility will be carried out on a build-operate-transfer (BOT) basis.
KFAED was established in 1961 as the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. The operations of the Fund were originally confined to Arab countries. In 1974 the scope of the Fund's activity was extended to the rest of the developing world, and its capital was increased from 200 million Kuwaiti dinars to one billion dinars ($3.25 billion). — (menareport.com)
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