GCC Interconnection Authority (GCCIA) and Kuwait Fund (Kuwait Fund for Arab Economic Development) have signed a 35 million Kuwaiti dinars ($114 million) loan agreement for financing a project to strengthen the intra-Gulf electricity interconnection system (GCC Grid) and its interconnection with southern Iraq, the GCCIA said in a press statement.

The loan agreement was signed on behalf of the Kuwait Fund by Abdullah Al Yahya, Minister of Foreign Affairs- Kuwait and Chairman of the Board of Directors of the Kuwait Fund, and on behalf of the GCCIA, by Ahmed Al Ebrahim, CEO of GCCIA.

The project aims to strengthen the national electrical networks of the GCC countries, increase their reliability and develop the interconnection system with southern Iraq, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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