Jordan Times reported that the Kuwaiti Fund for Arab Economic Development signed an USD 11.9 million loan agreement in favour of the Samra Power Generation Company to cover extra expenses needed for the Phase III of the SPGC expansion project.

As per report, an amended guarantee agreement was also signed between the government and the fund to meet the loan requirements.

Mr Mohammad Abu Hammour finance minister of Kuwait who signed the guarantee agreement on behalf of the government said that the project seeks to meet the increasingly growing demand on electric power. The project, partially funded by the KFAED includes the establishment of two power generation units, run by natural gas and diesel with a capacity of 100 MW each.

Besides the KFAED, the JOD 143.07 million projects is financed by the Saudi Development Fund and the Arab Fund for Economic and Social Development and the government.

(Sourced from Jordan Times)