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FINANCIAL NEWS
Kuwait fund extends $41m loan to Pakistan
27 Nov 2010
(MENAFN) The Kuwait Fund for Arab Economic Development (KFAED) announced here the signing of a loan agreement in the Pakistani capital of Islamabad at a value of $40.8 million to contribute to funding Neelum-Jhelum Hydroelectric Project, Kuna reported.
A KFAED statement said the loan agreement was signed by the Pakistani Neelum-Jhelum Hydropower Company with Undersecretary of the Economy Ministry Septain Fadl Halim and KFAED’s Deputy Director General Hesham Al-Wugayyan.
It added that the project aims at developing the national system for generating electric power in order to meet increased demand in Pakistan, and more specifically the hydroelectric power.
The implementation of the project started in the second quarter of 2008, and it is expected for the works to end by late 2015, the statement said.
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