Built to inform

Sign up for the daily newsletters

No, Thank you

Bahrain, KFAED ink $100m financing deal for 400kV electricity project

Kuwait Fund for Arab Economic Development to partly finance construction of three substations, ground cable installation

Financing covers a portion of the 400kV transmission network development project in Bahrain.
BNA
Financing covers a portion of the 400kV transmission network development project in Bahrain.

In a bid to partially finance the expansion of Bahrain’s electricity network, Kuwait Fund for Arab Economic Development (KFAED) will provide a partial financing of $100m (BHD37.7m) for a portion of the 400kV transmission network development project.

As part of an agreement inked between Bahrain and KFAED, the financing will be used for the construction of three 220/400kV substations and installation of ground cables to connect new and existing substations, the Bahrain News Agency reported.

The agreements were signed by Bahrain’s minister of finance and national economy, HE Shaikh Salman bin Khalifa Al Khalifa, and the minister for electricity and water affairs, HE Wael bin Nasser Al-Mubarak, with the director-general of KFAED, HE Abdulwahab Ahmed Al-Bader.

Al-Mubarak said that the agreement was aimed at achieving the kingdom’s long-term plans to secure electricity and water resources that support the country’s sustainable economic growth, in line with Bahrain Economic Vision 2030.

He added that the project will increase the capacity and efficiency of electricity transmission, reduce the occurrence of electricity shortages, and ensure safety on equipment operations.

According to Al-Mubarak the project will facilitate the exchange of electric power with the GCC networks.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 758
Feb 08, 2020