AMMAN (JT) - The Kuwait Fund for Arab Economic Development (KFAED) on Sunday extended a soft loan to the National Electric Power Company.
At the signing ceremony, Minister of Planning and International Cooperaiton Suhair Al-Ali said in a press release that NEPCO will use the KD8.5 million (equivalent to about $30 million) loan to finance the expansion of Amman East Substation Project.
The project will reinforce the national grid to be able to evacuate the power introduced by the new generation plants and also to increase its capacity of exchange with neighbouring countries (Syria and Egypt), she added in the press statement.
Praising Jordan's achievements and various reforms, KFAED Director General Abdul Wahab Al Bader reiterated the fund's commitment to further provide Jordan with financial and technical support.
At a meeting with Prime Minister Nader Dahabi, Bader briefed the premier on KFAED cooperation with Jordan which started since 1962, according to the Jordan News Agency, Petra.
Commending the distinguished relations between the fund and Jordan, Dahabi underlined the importance of continued joint efforts to implement more long-run development projects.
According to the KFAED website, the loan brings the number of loans extended by the fund to Jordan to 23, totalling about KD129.86 million, the equivalent of about $480 million, used to support various economic sectors.
© Jordan Times 2009
