Kuwait funds power station work in Ivory Coast
Kuwait Fund for Arab Economic Development will offer the government of Ivory Coast a soft loan of $27.8m for the construction of a power plant in Adzope
Kuwait has signed a contract to finance the construction of a power plant in Ivory Coast.
The Kuwait Fund for Arab Economic Development (KFAED) and the Ivoirian government signed an agreement by virtue of which the fund will offer the West African country a soft loan of $27.8m (KWD7m).
The loan will be used by Cote d'Ivoire Electricity Company (CIE) to fund the construction of a power station in the southern city of Adzope, according to Kuwait News Agency.
The document was signed by Ghanim Al-Ghaniman, deputy director general of KFAED and Adama Kone, Ivoirian Minister of Economy and Finance, the news agency said citing KFAED.
This is the fifth soft loan offered by the Fund to Ivory Coast; Kuwait has assisted the country with $88.8m (KD26.23m) in a total value of loans, in addition to technical assistance worth $850,000 (KD250,000), the statement added.
The project includes civil works, procurement, and installation of electromechanical equipment to construct the Adzope substation, building Agboville and Attakro extensions and the linking of 90 kV overhead transmission lines with extension and modification of MV network in Adzope department, consulting services, environmental and social studies, environmental impact mitigation measures, institutional support, and land acquisition.
The cost of the project will be approximately $40.7m (KWD12.46m), which means the loan will cover about 56% of the total project cost, state news agency, WAM reported
The loan amount will partially cover the cost of substation, transmission lines, and the MV network, and will fully cover consultation and supervision work.
The Government of Cote d'Ivoire will bear the remaining cost and also any additional cost that may occur.