Arab Fund, Samra Electric Power Company sign loan agreement

The Arab Fund for Economic and Social Development (AFESD), and the Samra Electric Power Company (SEPCO), signed an agreement on Sunday, under which the AFESD will provide KWD16 million to fund the seventh phase of SEPCO's power expansion project.

The Kuwait-based fund will contribute to the completion of the Samra electric generating plant, designed to meet the growing demand for electric power and energy in the Kingdom by raising the plant's capacity from 1170 MW to  approximately 1240 MW, by adding a 70 MW steam-generating unit that operates on heat from the gas-generation unit.

The Arab fund is an essential partner in supporting development efforts in the Kingdom, as it contributed to financing economic and social priority projects worth some KWD579 million.

The agreement was signed by the Minister of Finance,  Umayya Toukan, AFESD's Chairman Abdulatif  Al-Hamad, and attended by  Minister of Planning and International Cooperation Imad Fakhoury, along with SEPCO Managing Director Amjad Rawashdeh.