News Detail - Kuwait Fund
Today in the city of Amman, and in the presence of His Excellency the Ambassador of Kuwait to the Hashemite Kingdom of Jordan, Dr. Hamad Al-Duaij, two projects agreements were signed for the financing of the Wind Farm Generation Project in Maan District and the New LNG Port in Aqaba, within the framework of the Framework Agreement signed on 18/09/2012 between the Government of the Hashemite Kingdom of Jordan and the Kuwait Fund for Arab Economic Development, the amount of which is U.S. $ 1.25 billion regarding the utilization of the grant allocated by the Government of the State of Kuwait and entrusted to the Fund for its administration in the Framework of the GCC Development Program to finance development projects in Jordan.
The said two Agreements were signed by Dr. Ibrahim Saif, Minister of Planning and International Cooperation and Minister of Tourism and Antiquities in the Hashemite Kingdom of Jordan on behalf of the Government of the Kingdom of Jordan, whereas Mr. Abdulwahab Ahmed Al-Bader, Director-General of Kuwait Fund for Arab Economic Development signed the Agreements on behalf of the Fund.
A brief information of each project is set out below:
Wind Farm Power Generation Project in Maan District
The aim of the project is to meet the future demand on electricity from electricity generated from a wind farm in Maan District. The project also aims at reducing dependence on the use of imported fossil fuel which is the source of carbon dioxide and acid rain emissions.
The Project consists of the construction of a wind farm with total installed capacity of about 65 MW with all its ancillaries, including about 30 generation wind turbines with capacity 2 to 3 MW, installation of a step up sub-station (0.69/33/132) KV, 8 KM of 132 OHL transmission line, expansion of Maan main Sub-station and construction of about 14 KM of access roads. The project also includes the necessary consultancy services required for the preparatory works, pre-qualification of contractors and project supervision.
The total cost of the Project is estimated at about 106 million Jordanian Dinars the equivalent of Kuwaiti Dinars 44 million. The Grant covers 100% of the total cost of the Project.
New LNG Port in Aqaba
The Project aims to support the National economy of the Hashemite Kingdom of Jordan and its strategic goals in alleviating the current energy crisis, through the import of liquefied natural gas as a supplementary source to satisfy the current
and future demand on natural gas, and guarantee a continuous flow of gas in the event of interruption of other sources, with competitive prices to assist in reducing the cost of electricity production. The projects also aims to develop the logistics capabilities of the Aqaba Economic Zone.
The Project consists of the construction and equipping of a new liquefied natural gas port in Aqaba with an operational throughput of 490 million cubic foot per day and a maximum throughput of 790 MMcfd. The Project includes the marine infrastructure for berthing and mooring the floating storage and Regasification unit (FSRU), and the LNG carriers, and a loading platform with the related equipment for handling and controlling the gas flow and the connection to the main gas pipeline supplying the Kingdom. The Project also includes the consultancy services for investigation, design and supervision of construction. The Project started in September 2012, and the port is scheduled to receive the first LNG shipment by the last quarter of 2014.
The total cost of the Port is estimated at about US$ 65 million, whereas the Kuwait Government Grant covers 100% of the total cost of the project.
By signing these agreements, the total amount allocated from the amount of the grant would be about U.S. $ 1.17 million out of U.S. $ 1.25 billion in addition to the usual operations of the Fund represented in the number of loans provided by the Kuwaiti Fund for the Hashemite Kingdom of Jordan, which amounts to 26 loans worth a total of about 172 million Kuwaiti dinars, equivalent to about U.S. $ 584 million to finance projects in various sectors, in addition to 6 grants and technical assistance totaling about 3.1 million Kuwaiti dinars, equivalent to about U.S. $ 10.9 million to finance the preparation of the technical and feasibility studies for a number of economic projects.
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