Kuwait set to fund Lebanon power projects
Agreement signed for $85m loan to help finance output upgrade works
The Kuwait Fund for Arab Economic Development has reportedly agreed a US $85 million loan to help support upgrade and rehabilitation works at Lebanon’s Zouk and Jiyyeh power plants, according to the Lebanon Daily Star.
The report has suggested that the funds will be used to partially finance a project to bolster output at the two plants by 272 MW, as part of a wider scheme to increase electricity output in the country by around 1,500 MW to ensure consistent, reliable supplies. Under the agreement, Lebanon will repay the loan over a 25 year period.
The country is also expecting delivery of the first of two electricity barges that have been ordered to provide a temporary output of 275MW to support grid demand. An earlier report on the order suggested that they would help reduce electricity rationing by one hour if plants needed to be shut down.