Kuwait signs $102m loan to develop Bahrain’s power grid

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The Kuwait Fund for Arab Economic Development has signed a fourth loan worth $102m to continue developing Bahrain’s electricity network, Kuwait‘s state news agency KUNA reported on Sunday.

The loan is part of a series of loans by the Kuwaiti fund to develop 400 kilovolt electricity transmission networks in Bahrain, KUNA noted.

Kuwait, along with Saudi Arabia and the UAE, pledged $10bn in financial aid to Bahrain in 2018 to rescue the country from a potential debt crisis.

The deal was signed during Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, meeting with Walid Shamlan Al Bahr, Acting Director General of the Kuwait Fund for Arab Economic Development, during his visit to Bahrain.

The meeting, also attended by Shaikh Thamer Jaber Al Ahmad Al Sabah, Kuwaiti Ambassador to Bahrain, marked the signing of the significant loan agreement to finance the development of a 400 kilovolt transmission line.

This project is set to enhance Bahrain’s electrical grid capacity and efficiency, facilitating reliable and economical energy transmission.

Minister Shaikh Salman praised the enduring Bahraini-Kuwaiti relations and the consistent support from Kuwait for Bahrain’s developmental initiatives, aligning with the strategic goals of both nations under the leadership of King Hamad bin Isa Al Khalifa and Sheikh Mishal Al Ahmad Al Jaber Al Sabah.

This partnership between the two countries underscores a shared commitment to sustainable growth and regional collaboration noted Sheikh Salman bin Khalifa, reported Bahrain News Agency.

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