Kuwaiti Aid Boosts Bahrain's Power Infrastructure with $102 Million Loan

Kuwaiti Aid Boosts Bahrain's Power Infrastructure with $102 Million Loan

By Staff Writer, 10 June 2024

The Kuwait Fund for Arab Economic Development has granted a fourth loan of $102 million to Bahrain to support the ongoing development of its electricity network, according to Kuwait's state news agency KUNA on Sunday (June 9).

This loan is part of a broader initiative by the Kuwaiti fund to bolster Bahrain's 400-kilovolt electricity transmission networks, as noted by KUNA. The financial support is a segment of a larger $10 billion aid package pledged by Kuwait, Saudi Arabia, and the UAE in 2018 to help Bahrain avert a looming debt crisis.

The agreement was formalized during a meeting between Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, and Walid Shamlan Al Bahr, the Acting Director General of the Kuwait Fund for Arab Economic Development, who was visiting Bahrain. Also present was Kuwaiti Ambassador to Bahrain, Shaikh Thamer Jaber Al Ahmad Al Sabah.

This significant loan will finance the enhancement of Bahrain's 400-kilovolt transmission line, aimed at improving the capacity and efficiency of the country's electrical grid. The project is expected to ensure the reliable and cost-effective transmission of energy across Bahrain.

Source: Gulf Business

Related Report

The Business of Impact Investing in 2023

Impact investing is a form of investing that believes that every dollar invested can make a difference, while producing a profit. Over the past 20 years, impact investing has undergone a remarkable evolution, driven by a confluence of societal, economic, and technological factors. These influences have propelled impact investing into a crucial mechanism for addressing societal needs, traditionally the domain of public funding. In 2022, the impact investing market sat at US$1,146 billion, growing at a healthy compounded annual growth rate (CAGR) of 29% over the last four years. This special report features interviews with thought leaders in the impact investing space, and offers an insightful perspective on the current and future state of impact investing, its challenges and opportunities, and highlights case studies of investors, social enterprises, and the impact they are having on the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems