The Kuwait Fund for Arab Economic Development (KFAED) approved a $49 million loan to the Kingdom of Bahrain, in a bid to help finance the expansion of an electrical power plant at Al-Hidd, the Kuwait News Agency (KUNA) reported Monday, September 9.
The loan was meant to increase power output at the plant by 700 megawatts, a KFAED statement disclosed. With this loan, KFAED has so far granted the government of Bahrain a total of 12 development loans valued at an estimated $227.7 million.
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)
© 2002 Mena Report (www.menareport.com)
