Latest news with #WaleedAlBahar
Zawya
3 days 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
3 days 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:
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. (
Zawya
11-06-2025
- Business
- Zawya
KFAED allocates $11.4bln for 540 development projects in Africa
KUWAIT CITY - Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar said Tuesday, the fund financed 540 development projects in more than 50 African countries at a value exceeding USD 11.4 billion. This came as Al-Bahar participated in the Africa Day celebration held at the invitation of the ambassadors and heads of African diplomatic missions accredited to Kuwait to commemorate the founding of the African Union. The fund's operations in Africa and its projects represent approximately 57 percent of its total global activity and have contributed to a qualitative shift in the economies of African countries and improved people's living, said Al-Bahar in a statement. He expressed pride in KFAED's relations with African countries, stressing his commitment to strengthening bilateral relations and achieving greater progress, prosperity, and development for the peoples of the continent through ongoing cooperation. Regarding the Africa Day celebration, Al-Bahar said that the fund is participating for the ninth consecutive year with a special pavilion highlighting its development and humanitarian efforts on the African continent. This year's celebration saw the participation of more than 30 African Union embassies, displaying their cultural and historical heritage through exhibits, collectibles, and craft tools that reflect the diverse professions and activities of each country, he added. KFAED was established in 1961 as the first development institution in the Arab region, before expanding its scope of activities to include developing countries starting in 1974, with its contributions reaching 105 countries to date. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
