Latest news with #KuwaitFund
Zawya
a day ago
- Business
- Zawya
Kuwait Fund provides $224mln financing for Gulf power interconnection expansion
The Kuwait Fund for Arab Economic Development (Kuwait Fund) said the of the Gulf power interconnection expansion project, launched in December 2022, is advancing on schedule, with new infrastructure set to enhance Kuwait's grid and strengthen regional energy trade. The project includes the Al-Wafra 400 kV Station, which will augment Kuwait's grid capacity by around 2,500 megawatts (MW), reinforcing supply during peak demand. Acting Director General of the Kuwait Fund Waleed Al‑Bahar said financing is being provided through two loans worth 70 million Kuwaiti dinars ($224 million) from the Fund to the Gulf Interconnection Authority (GCCIA). Other key elements of the expansion project include 400 kV double-circuit overhead lines linking Al-Wafra to Saudi Arabia's Al-Fadhili, Kuwait's Sabah Al-Ahmad 3Z and 4Z, and Iraq's Al-Faw. Full readiness across the GCC-Kuwait–Iraq interconnection (including the 195-km Al‑Wafra–Al‑Faw link) is anticipated by 2026. The Fund said the interconnection is intended to reduce reliance on single-market supply, enable the use of surplus generation capacity, and reinforce the GCC's long-term clean energy strategy. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
Zawya
a day ago
- Business
- Zawya
Kuwait Fund for Development drives regional shift toward clean energy through Gulf power interconnection expansion
Kuwait City – The Kuwait Fund for Arab Economic Development has announced that the expansion of the Gulf Power Interconnection Project, launched in December 2022, constitutes a strategic milestone in advancing energy integration across the GCC. By enhancing electricity exchange efficiency and ensuring long-term sustainability, the initiative stands as a pivotal investment in the region's clean energy future. Acting Director General of the Kuwait Fund for Arab Economic Development, Mr. Waleed Al‑Bahar, reiterated that Kuwait remains the primary economic beneficiary of the project. The new Al‑Wafra 400 kV Station will augment Kuwait's national grid capacity by approximately 2,500 megawatts, fortifying supply during peak demand and enhancing grid stability. Financing is delivered via two loans from the Kuwait Fund to the Gulf Interconnection Authority, totalling KWD 70 million (USD 224 million). Crucially, the Al‑Wafra station and its link to Saudi Arabia are on track for completion by December 2024, enabling Kuwait to significantly advance energy resilience and regional connectivity. The Kuwait–Iraq interconnection (Al‑Wafra–Al‑Faw) is expected to be operational by May 2025, supporting expanded network capacity and cross-border energy exchange. The project is slated to begin operations by the end of 2024, with full readiness across the GCC–Iraq axis anticipated by 2026. Mr. Al-Bahar further emphasized that the project underpins environmental goals by facilitating clean energy distribution and enabling electricity trade within the GCC and neighbouring regions, leveraging surplus capacity to generate long-term economic returns while reducing emissions. Kuwait's involvement in the southern Iraq expansion positions the nation as a central hub for regional electricity trade, reinforcing ambitions around energy security, efficiency, and resilience, while reaffirming its leadership in regional energy integration strategy. Technical Scope and Infrastructure Al-Wafra 400 kV Station – A new high-capacity substation in Kuwait, central to the expanded grid infrastructure. 400 kV Double-Circuit Overhead Transmission Lines connecting: Al-Wafra (Kuwait) ↔ Al-Fadhili (Saudi Arabia) – completion: December 2024 Al-Wafra ↔ Sabah Al-Ahmad '3Z' & '4Z' (Kuwait internal grid) Al-Wafra ↔ Al-Faw (Southern Iraq) – completion: May 2025, approximately 295 km span Start of Operations – By end of 2024, with full readiness across GCC and Iraq by 2026 About the Kuwait Fund for Arab Economic Development The Kuwait Fund For Arab Economic Development is the first institution in the Middle East that took an active role in the international development efforts. The Kuwait Fund extends Loans on concessionary term to finance development projects in the developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries. In addition, the Fund subscribes in the capital of international and regional development institutions. Today, the Kuwait Fund forms a solid bridge of friendship and solidarity between the state of Kuwait and the developing nations. For more information:
Web Release
a day ago
- Business
- Web Release
Kuwait Fund for Development Drives Regional Shift Toward Clean Energy Through Gulf Power Interconnection Expansion
The Kuwait Fund for Arab Economic Development has announced that the expansion of the Gulf Power Interconnection Project, launched in December 2022, constitutes a strategic milestone in advancing energy integration across the GCC. By enhancing electricity exchange efficiency and ensuring long-term sustainability, the initiative stands as a pivotal investment in the region's clean energy future. Acting Director General of the Kuwait Fund for Arab Economic Development, Mr. Waleed Al?Bahar, reiterated that Kuwait remains the primary economic beneficiary of the project. The new Al?Wafra 400?kV Station will augment Kuwait's national grid capacity by approximately 2,500 megawatts, fortifying supply during peak demand and enhancing grid stability. Financing is delivered via two loans from the Kuwait Fund to the Gulf Interconnection Authority, totalling KWD?70 million (USD?224 million). Crucially, the Al?Wafra station and its link to Saudi Arabia are on track for completion by December?2024, enabling Kuwait to significantly advance energy resilience and regional connectivity. The Kuwait–Iraq interconnection (Al?Wafra–Al?Faw) is expected to be operational by May?2025, supporting expanded network capacity and cross-border energy exchange. The project is slated to begin operations by the end of 2024, with full readiness across the GCC–Iraq axis anticipated by 2026. Mr. Al-Bahar further emphasized that the project underpins environmental goals by facilitating clean energy distribution and enabling electricity trade within the GCC and neighbouring regions, leveraging surplus capacity to generate long-term economic returns while reducing emissions. Kuwait's involvement in the southern Iraq expansion positions the nation as a central hub for regional electricity trade, reinforcing ambitions around energy security, efficiency, and resilience, while reaffirming its leadership in regional energy integration strategy. Technical Scope and Infrastructure Al-Wafra 400 kV Station – A new high-capacity substation in Kuwait, central to the expanded grid infrastructure. 400 kV Double-Circuit Overhead Transmission Lines connecting: Al-Wafra (Kuwait) ? Al-Fadhili (Saudi Arabia) – completion: December 2024 Al-Wafra ? Sabah Al-Ahmad '3Z' & '4Z' (Kuwait internal grid) Al-Wafra ? Al-Faw (Southern Iraq) – completion: May 2025, approximately 295 km span Start of Operations – By end of 2024, with full readiness across GCC and Iraq by 2026
Zawya
12-08-2025
- Business
- Zawya
Kuwait Fund looks into progress on Lebanon projects amid visit
BEIRUT -- The Kuwait Fund for Arab Economic Development's (KFAED) visit to Lebanon aims to follow up on the progress of development projects it is financing there, its acting chief said on Monday. These development projects are highly instrumental in keeping Lebanon's economy on an upward trajectory, Waleed Al-Bahar told KUNA amid a visit to the Lebanese capital Beirut, citing the improvement of infrastructure and basic services as the core goal the KFAED-funded projects. The KFAED acting chief went on to say that he intends on meeting a number of top Lebanese officials in a bid to bolster bilateral economic cooperation, subsequently serving the "best interests" of Kuwait and Beirut, he underlined. On talks with the visiting KFAED acting chief, Lebanon's Finance Minister Yassine Jaber spoke of the need to salvage some development projects that may have been hampered by long-standing civil unrest in Lebanon, hoping that some key projects funded by the Kuwait-based fund would come to fruition shortly. All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (
Kuwait Times
06-08-2025
- Business
- Kuwait Times
Kuwait Fund finances basic education project in Nigeria
KFAED's Waleed Al-Bahar and Nigerian Minister Dr Doris Uzoka-Anite. KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with the Federal Republic of Nigeria to help finance a project aimed at supporting education for out-of-school children in Kaduna State, the fund announced Tuesday. The agreement was signed by Acting Director General of the Kuwait Fund Waleed Al-Bahar and Nigeria's Minister of State for Finance Dr Doris Uzoka-Anite. In a post on its official account on platform X, the fund said the project seeks to improve education infrastructure by building and rehabilitating schools, expanding access to basic education—particularly for children in need such as girls, adolescents, and those with disabilities—enhancing teacher performance, and strengthening school management systems.—KUNA On the sidelines of the agreement, Al-Bahar also met with Nigeria's Minister of Housing and Rural Development Ahmed Dangiwa, Executive Secretary for the National Commission for Almajiri and Out-of-School Children's Education Dr Mohammed Idris, and Borno State Governor Professor Babagana Zulum. The Kuwait Fund, established in 1961 with an initial capital of 50 million Kuwaiti dinars (approximately $163.6 million), was created to assist Arab countries. In 1974, it expanded its reach to include African nations as well. — KUNA
