GCC Interconnection Authority and KFAED Sign Financing Agreement to Enhance Electrical Interconnection System

 The GCC Interconnection Authority and the Kuwait Fund for Arab Economic Development (KFAED) signed an additional loan agreement under which the fund will provide eight million Kuwaiti dinars ($25.5 million) to help finance the project to enhance the GCC electrical interconnection system and connect it to the southern Iraqi grid.

 The agreement was signed by CEO of the GCC Interconnection Authority Ahmed Ali Al-Ebrahim and Acting Director General of the Kuwait Fund for Arab Economic Development Waleed Shamlan Al-Bahar.

 The project offers significant technical and economic benefits, as it will increase the capacity and efficiency of electricity grids across GCC member states. Kuwait is among the primary beneficiaries, with the supporting capacity of its power grid expected to rise to 3,000 megawatts, enhancing grid reliability and operational efficiency.

 The project aims to meet part of the growing electricity demand, improve network stability among member states, ensure the sustainability of power supplies, and contribute to achieving several of the United Nations Sustainable Development Goals.