Kuwaiti fund okays loan for Syrian power station
The Kuwait Fund for Arab Economic Development has approved a loan to worth Syria 20 million Kuwaiti dinar ($65.3 million), which will be used to expand the Al Nasiriya power plant, located near Damascus.
The expansion project at the Al Nasiriya plant involves the installation of gas turbines, boilers, and steam turbines, which will increase its output capacity 300 to 600 megawatts.
The Kuwait Fund For Arab Economic Development was established in December 1961, to assist Arab and other developing countries in modernizing their economies. It does so by providing loans and grants to facilitate the implementation of development programs.
Prior to this latest loan, the fund was financing 25 projects in Syria, to the tune of 316.2 million Kuwaiti dinar, making it the fund’s largest single recipient in the Arab world. – (Albawaba-MEBG)
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