Kuwait funds Jordan's power project with loan of 71.5 millions dollars

Kuwait on Sunday decided to fund a Jordanian electric power project with a loan of 21 millions of Kuwaiti dinars (74.5 million US dollars), the official Kuwait News Agency reported.

The loan agreement was signed by Abdul-Latif Al-Hamad, director- general and chairman of Kuwait's Arab Fund for Economic and Social Development (AFESD), and Jordan's ambassador to Kuwait Mohammed Al- Qaraan and director-general of the Jordanian Al-Samra Electric Generation Company.

A statement issued by AFESD said the loan will be paid over a period of 22 years, including a grace period of five years and that the interest rate is 4.5 percent.

It added that the project aims to accommodate the growing demand for electricity in Jordan by establishing a power station with a capacity of 300 megawatts.

With the signing of the agreement, total AFESD loans to Jordan come to 377.155 million dinars (1.282 billion dollars), it was reported.

Source: Xinhua