By Staff writer
Kuwait Fund for Arab Economic Development agrees to lend funds for substation construction
The Kuwait Fund for Arab Economic Development has agreed to lend KD7 million ($23.8 million) to the Republic of Cote d'Ivoire (Ivory Coast) to help finance the construction of an energy project in the African country.
A loan agreement has been signed related to the Adzope 90/33kV substation construction project, the fifth loan provided by Kuwait fund for project financing.
The fund has already provided four loans to the Republic of Cote d'Ivoire for developments in different sectors, with a total amount of about KD19.23 million.
In a statement, it was announced that the project will ensure electricity quality and reliability, while also providing job opportunities to young people.
The project includes civil works, procurement and installation of electromechanical equipment to construct the Adzope substation, building Agboville and Attakro extensions and the linking of 90kV overhead transmission lines, consulting services, environmental and social studies, environmental impact mitigation measures, institutional support and land acquisition.
The total cost of the project will be about KD12.46 million, which means the loan, which is for a term of 25 years, will cover 56 percent.