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Tue 23 Feb 2016 01:57 PM

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Kuwait said to spend $1.2bn on 2015-16 utility deals

Up to $728.5m has already been spent on electricity and water projects so far - report

Kuwait said to spend $1.2bn on 2015-16 utility deals
Kuwait has spent $728.5m on electricity projects in 2015-2016 so far. [Representational image]

Electricity and water projects worth $1.2bn (KWD368m) have been planned in Kuwait.

This amount has been allocated under the country's 2015/16 plan.

Of the total figure, $728.5m (KWD218m) has already been spent on projects so far, according to Kuwait Times.

This data was revealed by Kuwaiti minister of parliament, Ahmad Lari, who said he discussed these numbers with the country's acting electricity and water minister, Sheikh Mohammad Al-Abdullah Al-Sabah.

No details were provided about which projects were financed through these funds.

In August 2015, it was announced that Kuwait has approved the construction of a series of power plants, desalination facilities and other infrastructure projects worth up to $9.9bn (KWD3bn).

While no timeline has been set for most projects, which are expected to add 3,580MW to the country's electricity capacity, a planned sewage plant will commence by the year 2020.

No information has been shared regarding project funding, except that 50% of the funds will be raised through stock market offerings, newswire Reuters reported.

Kuwait has also planned a second phase of the gas-fired Az-Zour North power and desalinated water plant that has an initial capacity of 1,800MW.

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