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Finance Ministry, Kuwait Fund for Arab Economic Development sign agreement

Finance Ministry, Kuwait Fund for Arab Economic Development sign agreement


Manama: Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, met Walid Shamlan Al Bahr, Acting Director General of the Kuwait Fund for Arab Economic Development.

Shaikh Thamer Jaber Al Ahmad Al Sabah, Kuwaiti Ambassador to Bahrain, was present.

Al Bahr is on a visit to the Kingdom of Bahrain to sign a loan agreement to finance the 400 kilovolt transmission line development project between the government of Bahrain and the Kuwait Fund for Development.

The Finance Minister highlighted the longstanding historical Bahraini-Kuwaiti relations, commending their continuous development with the support of His Majesty King Hamad bin Isa Al Khalifa and His Highness Sheikh Mishal Al Ahmad Al Jaber Al Sabah, the Amir of the State of Kuwait.

Shaikh Salman bin Khalifa lauded Kuwait’s support for various development projects in the Kingdom, and the contributions of the Kuwait Fund for Arab Economic Development to supporting economic and social development projects in Arab countries.

He pointed
out that this project came in line with Bahrain’s strategic initiatives and plans aiming to advance development.

The minister underscored the importance of continuing to upgrade infrastructure and implementing development programmes and plans that contribute to creating the environment conducive for the growth of high potential sectors. He added that those sectors serve as a driving force that contributes to sustainable economic growth.

Shaikh Salman bin Khalifa emphasised Bahrain’s commitment to continue enhancing collaboration with the Kuwait Fund for Arab Economic Development to achieve the interests of both Bahrain and Kuwait.

The project aims to reduce high short-circuit currents for the safe operation of equipment, provide greater flexibility in the network, transmit electrical energy in a reliable and economical manner, raise the capacity and efficiency of the electrical grid, and exchange electrical energy with the Gulf electrical interconnection network in an economical manner.

Source: Bahrain N
ews Agency