18 December 2019
Kuwait is planning to borrow from banks to fund a $1.6 billion wastewater treatment project in Umm Al-Hayman on the Eastern flank of the Gulf emirate, newspapers in the OPEC member reported on Wednesday.
Loan agreements will be signed with a number of banks shortly and the project will be completed within 42 months, they said, quoting Bakhit Al-Rasheedi, chairman of the newly-created Umm Al-Hayman Wastewater Treatment Company.
Alseyassah and other local papers quoted Rasheedi as saying 50% of the project would be sold to the public after it is completed.
He said the plant has a capacity of 500,000 cubic metres (m3) per year, which is expandable to 700,000 m3.
The Kuwait Authority for Partnership Projects, which is in charge of promoting joint public-private ventures, announced in late 2018 it has awarded Umm Al-Hayman contract to a German-Kuwaiti consortium comprising International Financial Advisors and WTE Wassertechnik GmbH Group.
The project consists of the construction of a new sewage treatment plant within the boundaries of the current Umm Al-Hayman purification plant located 50 kilometres south of the capital Kuwait City.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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