Kuwait Funding For Egypt-Saudi Grid Link

Cairo expects to soon receive a KD30mn ($98.7mn) loan from the Kuwait Fund for Arab Economic Development (KFAED) to link its transmission grid to that of Saudi Arabia, according to Daily News Egypt. The loan is for the Egyptian section of a 500kV DC connection between the Saudi and Egyptian grids agreed in November 2015. The 1,300km line will have capacity to carry 3GW of electricity from Al-Madinah in western Saudi Arabia via the Tabuk substation and a submarine cable across the Gulf of Aqaba to Badr, near Cairo (see map). KFAED estimates the overall project cost at KD519mn ($1.71bn).KFAED says the 25-year, 2.5% annual interest loan includes a five-year grace period and will be repaid in 40 semi-annual installments. (CONTINUED - 120 WORDS)