The Kuwait Fund for Arab Economic Development has signed a loan agreement with GCC Interconnection Authority (GCCIA) for 35 million dinars ($115 million), Zawya reports citing Kuwaiti state agency, KUNA.
The purpose of the loan has been revealed however GCCIA is a joint stock exchange company subscribed by the six Gulf states.
The Saudi Arabia-based company aims to become a global hub in grid interconnections focusing on innovation, sustainability and creating a dynamic electricity market for the region and beyond.
Kuwait Fund is Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. It extends loans on concessionary terms to finance development projects in the developing countries.
Kuwait gives $ 115mln loan to GCC Interconnection Authority
