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Kuwait provides loan for Bahrain
for electric grid
Bahrain, Economics, 5/21/1999
The Kuwaiti Fund for Arab Economic Development said
it is presenting a loan of 7.5 million Bahraini dinars
($25 million) to develop Bahrain's electricity network.
The fund said in a press statement that the project
aims at meeting the increasing demand for electric
energy in Bahrain, especially in residential, commercial
and industrial areas, and that the total cost of the
project is estimated at 27 million Bahrain dinars.
The statement added that the Kuwaiti loan covers almost
a quarter of the project's costs and is to be repaid
over a 20-year period, including an allowance period
of five years, to be paid in 30 semi-annual installments,
the first of which is due in 2002 while the last will
come due in February, 2019.
The interest rate on the loan is 3% annually, and
the project is expected to be started in the first
half of the coming year and completed during the year
2002.
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