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Monday , January 27 2020

Sudan, KFAED sign deal over power plant project

The Ministry of Finance of Sudan signed the financing agreement for the power station project (Al-Fulah) with the Kuwait Fund for Arab Economic Development

KUWAIT CITY, March 16: Sudanese Ministry of Finance signed an agreement to finance a power plant project in Al-Fulah, West Kordofan, with Kuwait Fund for Arab Economic Development (KFAED) for KD 25 million ($82 million).

KFAED delegation’s Head, Assistant Regional Director, Nisf Al-Nisf said to KUNA that the fund has agreed to fi- nance the project with a total amount of KD 50 million, equivalent to $170 million, of which KD 25 million will be repayable for a period of 25 years, including a five-year grace period. Al-Nisf pointed out that electricity is the main engine for development, stressing their keenness to support projects in Sudan for considerations related to the relations between the two brotherly countries.

For his part, the Sudanese Minister of finance Mustafa Hawli praised KFAED support to his country, noting that Al-Fulah electricity project is very important and it is a positive impact on economic and social development in the region. The cost of financing the project is about $188 million, of which $170 million is the financing of KFAED, while the remaining $18 million will be borne by the Government of Sudan, which is the cost of the civil works of the project. (KUNA)

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